3. Business Description
Mohawk Industries began covering the market more than 120 years ago as a carpet manufacturer. Since that time, the
Company evolved into one of the world’s leading flooring companies. Its product line encompasses tufted and woven
carpet, carpet cushion, ceramic tile, wood, stone, laminate, vinyl, rugs and niche home products, such as throws and
pillows. Mohawk is headquartered in Calhoun, Georgia. Its shares trade on the New York Stock Exchange under the
ticker symbol “MHK.”
Financial Highlights
For the Years Ended December 31,
(in thousands, except per share data) 2004 2003 2002 2001 2000
Net Sales $ 5,880,372 $ 4,999,381 $ 4,516,957 $ 3,441,267 $ 3,400,905
Gross Profit $ 1,620,841 $ 1,393,802 $ 1,269,092 $ 857,598 $ 844,133
Operating Income $ 635,590 $ 542,029 $ 522,065 $ 327,157 $ 310,115
Net Earnings $ 368,622 $ 310,149 $ 284,489 $ 188,592 $ 162,599
Diluted Earnings Per Share $ 5.46 $ 4.62 $ 4.39 $ 3.55 $ 3.00
4. ����
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We Cover the Market
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As a leading supplier of floorcovering products in North America, Mohawk possesses a
breadth and depth of products, brands, customers, service and distribution capabilities
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that are unmatched in the industry. As a result, we possess an equally broad array of
opportunities that will enable us to continue the remarkable growth performance that
we have enjoyed over the past decade.
In Millions In Dollars
$6 $6 �
5 5 �
4 4 �
3 3 �
2 2
Market Coverage Produces Results
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1 1
Net Sales EPS �
In Millions In Dollars
0 0 �
04 04
00 00 01 01 02 02 03 03
Mohawk’s financial discipline is demonstrated by a 13 percent
annual net sales growth rate and a 16 percent annual earnings
per share growth rate over the past five years.
[1]
5. 5. Area Rugs
6. Home Products
1. Carpet
WE COVER
A $23 BILLION
MARKET
7. Mohawk Product Categories
1. Carpet
Broadloom carpet is a $10+ billion market in the U.S. In 2004, our share
of approximately 30 percent is the second largest in the industry.
2. Ceramic Tile
Through our Dal-Tile subsidiary, we are the largest supplier in the
$2 billion ceramic tile market that includes both residential and com-
mercial uses.
3. Hard Surface Floorcovering
Hardwood, laminates and vinyl represent some of the fastest-growing
categories in flooring and comprise a combined $5 billion market.
4. Stone Surfaces
Stone flooring and countertops represent a highly fragmented market.
As a result of acquisitions during the past two years, we have rapidly
gained the leading share in this category.
5. Area Rugs
Mohawk is the largest supplier of area rugs in a market that exceeds
$2 billion.
6. Home Products
Mohawk is the market leader in product categories such as accent rugs,
bath mats and throws and also a supplier of pillows and bedding.
7. Carpet Cushion
Mohawk is a leading supplier of carpet cushion and padding, which is
engineered to maximize the performance of its carpet products.
10. The Commercial Market
Mohawk is a leading supplier of both carpet and ceramic tile to the commercial segment of the market,
which includes the corporate, transportation, education, healthcare, retail and hospitality sectors.
11. COVER
ETHE OPTIONS
LL
FASHION BRANDS
Karastan, CustomWeave, Ralph Lauren
and Helios are among the most highly
valued brands in the industry. With
Style, color, texture, quality – Mohawk designs ranging from the traditional
meets the flooring needs of its resi- to the contemporary, these lines offer
options for virtually every style of dé-
dential and commercial customers by
cor and bring a fashion-forward sense
offering the industry’s broadest array
to floorcoverings.
of products and brands that span all
price points. In doing so, we not only
provide more choices to satisfy every
taste and budget, but we also lever-
age our operations across multiple
RUGS
distribution channels.
From Karastan’s luxurious interpre-
tations of ancient Persian and Oriental
rugs to value-oriented home décor
accent rugs and stylish, sumptuous
bath mats, Mohawk offers an array
of styles and colors that appeals to
all homemakers.
12. STONE PRODUCTS
BROADLOOM Granite, marble and limestone are just
The Aladdin, Horizon and Wunda some of the materials that comprise our
Weve brands offer an astounding stone product offerings. These materials
product selection at all price points. are among the most popular in residen-
The three lines connect Mohawk to tial and commercial design today. Their
the value-oriented consumer, the natural beauty and durability make
fashion-conscious homemaker and them suitable for widespread use in
the individual for whom everyday kitchens and bathrooms, as well as deco-
luxury is a must. rative accents in other living spaces.
DAL-TILE CERAMIC
The leading name in ceramic tile offers
comprehensive lines of fashionable,
high-quality tile products in a range of
colors, textures and finishes. Ceramic
products are sold through tile and floor-
ing contractors, tile and flooring retail-
ers, independent distributors and home
center retailers.
MOHAWK HARDWOOD,
MOHAWK CUSHION LAMINATE AND VINYL
Mohawk is a leading manufacturer of Mohawk offers beautifully handcrafted
carpet cushion, all of which is specifically hardwood flooring in a full range of wood
designed to maximize carpet perfor- species, as well as a full line of attractive
mance. Products include molded ure- laminate products that feature precision
thane, premium white bonded, rebond engineered construction. Mohawk is also
and synthetic cushions. Mohawk’s carpet a national distributor of Congoleum vinyl
cushion is the perfect foundation for a products, which offer versatility, dura-
high-performance floor. bility and an unparalleled selection of
colors and styles.
COMMERCIAL AND CARPET TILE
Bigelow, Mohawk Commercial, Durkan,
Karastan Contract and Lees are among
the most respected names in the commer-
cial carpet segment. The addition of Lees
carpet tile has helped Mohawk earn new
business opportunities. These products
grace the nation’s hotels, schools, airports
and retail environments.
[5]
[5]
13. 2. New Home Construction
1. Commercial
3. Residential Replacement
[6]
14. E COVER
0K CUSTOMERS ����
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Diversified Customer Base
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1
Mohawk enjoys an exceptionally broad and diversified
3 Commercial Contract
customer base. Approximately 85 percent of our sales Residential
27%
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Replacement
are made to independently owned dealers, contrac-
56%
tors and distributors. The balance is sold to large
Industry
national chains, home centers and mass merchants.
����
End-Use Market
Similarly, end-use purchases of our products are broad
and varied. Residential replacement accounts for over
half of our sales, with commercial and new residential
�
construction representing other major purchasing cat- 2
New Construction
egories. This diversity brings increased stability to our
17%
business and helps to balance the inherent business
cycles in each area.
[7]
15. WE COVER
240 Ceramic Service Centers 1,000 Trucks 2,000 Trailers
AN ENTIRE
ATION
16. 15 Regional Warehouses 20 Factory Warehouses 42 Satellite Warehouses
Backward and forward integration of our manufacturing, distribution and marketing operations provides a
tremendous competitive advantage for our products in the marketplace and brings powerful scale to our business
model. Fiber extrusion assets provide over 50 percent of our carpet and rug fibers, including nylon, polyester and
olefin. We control manufacturing for carpet, rug and carpet cushion products, as well as a majority of ceramic tile.
Mohawk’s Real Time Visibility (RTV), the industry’s most accurate and reliable order tracking system, ensures on-time
delivery of the right products. With over 1,000 trucks and 300 distribution points, we understand the importance of
staying connected with our customers. We also stay connected closely with the retail marketing of our products through
several merchandising programs. These include Mohawk Floorscapes, which offers dealers a total merchandising
solution featuring our complete line of products; Mohawk ColorCenter, a store-within-a-store concept; and Floorz by
Mohawk, a merchandising system aimed at larger-format retailers that have a heavier inventory commitment.
[9]
18. A Letter to Our Stockholders
As you have read on the preceding pages, Mohawk required several price increases. The leveraging of fixed
covers the market by every measure – products, costs against sales increases, demonstrating the strong
brands, market share, customers, manufacturing scale inherent to our business, allowed us to maintain
and distribution. This position not only makes our overall margins.
Mohawk an industry leader, but also a great busi- We invested $107 million in capital expenditures during
ness capable of exceptional performance. The 2004 and expect to increase investments in the business in
past year certainly underscores this point. 2005. During the first quarter of 2005, we acquired one of
our carpet backing vendors, which will allow us to manu-
Ongoing profitable investment in every aspect of our
facture carpet backing internally. Our capital expendi-
business allowed us to capitalize on a rebounding econ-
tures for 2005 include capacity expansion projects at our
omy and flooring market. This rebound was led by the
Monterrey, Mexico, and Muskogee, Oklahoma, ceramic
residential replacement channel of our business, and
tile manufacturing facilities and at our nylon extrusion
further strengthened by a continued high level of new
and yarn processing operations. Much of this will not
housing construction. The commercial side of the mar-
be fully operational until 2006. Additionally, we are con-
ket, down by more than 30 percent in some channels,
solidating several leased warehouse facilities in North
began its own upturn later in the year as non-residential
Georgia for our hard surface and home products into
construction spending began to increase. Our sales of
owned facilities. Each of these investments supports
hard surface products also continued to enjoy signifi-
our ongoing efforts to sustain the company’s history of
cant growth.
profitable growth. With a 25 percent debt-to-capitaliza-
The combined sales momentum from all areas of our
tion ratio and Mohawk’s investment grade rating, our
business helped to offset record-high raw material and
ability to finance capital investments and explore other
energy costs that impacted our business during the
opportunities remains solid.
year. The industry’s response to these rising costs has
been a rational one and a series of price increases, un-
Experiencing Success across Every Surface
precedented in the history of the industry, have been sub-
One of the most gratifying aspects of our performance
stantially absorbed in an orderly manner. Fortunately,
in 2004 was that it reflected growth in every aspect of
consumers continue to recognize that carpet and other
our business. Innovation and investment in products,
flooring options remain one of the best values for home
marketing and service continue to keep our core car-
or office improvement, which helps to support industry
pet business at the forefront of the industry. Our in-
sales in a cost-pressured environment.
vestments in technology are enabling us to introduce
Against this market scenario, Mohawk’s year was,
exclusive new products such as SmartStrand™, made
quite simply, an exceptional one. Sales grew 18 percent
from a proprietary DuPont™ polymer that combines
to $5.9 billion, with growth in both the Mohawk and
the softness of nylon with enhanced stain resistance
Dal-Tile segments exceeding our expectations. Our
and wear characteristics. SmartStrand™, made with
acquisition of Lees Carpet in late 2003 also contributed
DuPont™ Sorona® polymer, is an engineered-in prod-
to the sales growth. Net earnings rose 19 percent over
uct, not a topical treatment, so the stain resistant prop-
2003 to $369 million in 2004, which translated into an
erties are a part of the entire fiber, not just the surface.
18 percent increase over 2003 in diluted earnings per
Innovation also extends to the marketing front. We’ve
share of $5.46. This earnings growth was achieved in
had an extremely positive response to our new regional
a very difficult environment with increasing costs that
[11]
19. Broadening Distribution
marketing shows, where we bring our sales force and our
dealers together to view product lines in a smaller, more Dal-Tile also has quickly built a commanding position
productive setting. (DuPont™ and Sorona® are regis- in stone surfaces through a series of acquisitions and
tered trademarks of DuPont.) strong internal growth. This is a strategy Dal-Tile in-
Our commercial carpet business has a great story to tends to pursue further in this rapidly growing and
tell this year. The acquisition of Lees in 2003 proved to highly fragmented market. The benefits are two-fold:
be perfectly timed to catch the beginning of the 2004 up- Stone surfaces are growing as a stand-alone business
turn in the commercial sector, where Lees has allowed and, we have discovered, stone and tile perform even
us to significantly increase our market share. Perhaps better when sold together.
even more importantly, Lees allowed us to expand a For Mohawk, hard surfaces represent a compelling
new line of business, modular carpet, which is current- growth front. In addition, these surfaces create opportu-
ly one of the fastest growing categories in the flooring nity and demand for area and accent rugs. We currently
industry. We are leveraging Lees’ expertise in this area enjoy market strength in the specialty retail distribu-
by extending modular product into our Mohawk com- tion channel, where our highly prized Karastan brand
mercial line, which is focused on a more value-oriented is sold, and in the mass merchant retail channel, where
segment of the market. the Mohawk brand is popular. Mohawk has recently
Carpet is and will continue, in the foreseeable future, introduced two new rug lines, Studio by Karastan and
to be our largest product category, but our presence is Mohawk Select, to floorcovering retailers. These rug
expanding in hard surfaces, which is the fastest grow- lines are machine woven area rugs in the medium price
ing area of the flooring industry. Indeed, hard surfaces range that complement our other products. Mohawk’s
now comprise over 30 percent of Mohawk’s total reve- line of accent and area rugs, bath mats and home acces-
nues, up from approximately 5 percent just three years sories continues to expand and to offer products across
ago. Our ceramic tile, wood, vinyl and laminate prod- a broad range of price points. Product innovation and
ucts are enjoying sales momentum due to increasing design are focused on creating value while meeting the
consumer demand for those surfaces. changing demands of the retail consumer.
The growth trends for ceramic tile and stone are
Covering the Market
strong and we are reaping the benefits of this growth
through Dal-Tile. Three years after our acquisition of In closing, it is important to note that Mohawk not
this ceramic market leader, we continue to be extremely only covers the flooring market, but also that the floor-
pleased with its performance. We have invested in this ing market itself is one well worth covering. Relative to
business by increasing manufacturing capacity, im- many other sectors, our industry enjoys many solid fun-
proving inventory availability and increasing product damentals – strong recurring demand from end-users, a
selection with higher style products. Additional invest- consolidating manufacturing base, a wide and diversified
ments included remodeling the showrooms in over half customer base and relatively little competition from for-
of Dal-Tile’s service centers, adding sales personnel and eign imports. It’s a great foundation upon which to grow
opening design centers in five markets. Investments in our business and create value for our shareholders. As
Dal-Tile have paid off with average sales growth of ap- this year has demonstrated, we’re doing exactly that.
proximately 15 percent since our purchase. Improved Many thanks for your continued support, as well as
sales strength is helping Dal-Tile increase its share in to our employees and customers.
the residential market to complement its historically
strong share in the commercial arena.
Jeffrey S. Lorberbaum
Chairman, President and Chief Executive Officer
[12]
20. John Swift, Retiring Chief Financial Officer
Honoring Two Decades of Leadership
John Swift retired as Chief Financial Officer at the end By 1992, Mohawk was strong enough to go public and
of 2004. To recount his career at Mohawk is essentially quickly began what has been a trajectory growth pattern.
to recount the evolution of our Company over the past John and Mohawk’s management team worked diligently
two decades. John arrived at Mohawk as Vice President over the next decade to complete 18 acquisitions. Sales
of Finance in 1984, after 18 years at GE. At the time, grew to over $5 billion. The Company climbed to No. 349
Mohawk was an unprofitable subsidiary of Mohasco on the Fortune 500 list. And, by the time John announced
Corporation. But, this didn’t last. John and a group of his intention to retire in 2004, Mohawk’s enterprise value
fellow executives turned around the business within four was approximately $6 billion.
years and decided to go for a leveraged buyout. Mohawk While John’s accomplishments at Mohawk comprise
became an independent company in 1988 and John be- an impressive list, his leadership, character and work
came its Chief Financial Officer, Treasurer and Corporate ethic have left an equally impressive mark on our organi-
Secretary. Sales were under $300 million and the busi- zation. We honor and thank John for his years of service
ness was limited in its product offerings. This didn’t last and wish him a rewarding retirement.
long either.
[13]
21. Jeff Lorberbaum, Chairman, President and Chief Executive Officer
(left) and Frank Boykin, Chief Financial Officer
[14]
22. Dealer programs are the centerpiece of our marketing initiatives.
Q&A Discussion
More Ways to Cover the Market and Grow Our Business
A conversation with Mohawk Chairman, President the business so that we can react more quickly to busi-
and Chief Executive Officer Jeff Lorberbaum and ness changes and effectively manage our costs.
Chief Financial Officer Frank Boykin
Q: How can you push growth in the residential replace-
Q: Your growth strategy encompasses both acquisitions ment segment of the carpet market?
and internal growth. What have been and are likely to be
A: Jeff: We do it in several ways – service, quality,
the key internal drivers?
product design and marketing. A major part of under-
A: Jeff: From standing Mohawk is to understand our commitment
a top-line perspective, market share
to improving our customers’ sales and profitability. Our
gains are one of the most obvious and our broadloom
success is a function of their success. Dealer programs,
carpet business is a good example. Our business has
such as Floorscapes, ColorCenter and Floorz, are key
exceeded the industry growth rate over the last sev-
to our distribution. For larger accounts, we assist in
eral years. Part of our success has been to focus on
developing proprietary marketing systems. We do ev-
areas where we had the greatest potential to increase
erything possible to support these programs, from
market share, such as new home construction and
training to advertising to marketing campaigns that
ceramic tile.
promote our brands.
Frank: On the cost side, we always are focusing on
Q:
process improvements and have had significant suc- How much volatility is there in the flooring market?
cess in developing cross-functional teams to look at
A: Frank: Not as much as perceived. Our business
our business in new ways. Our management team is
is actually quite diversified among residential replace-
proactive in its approach to streamlining the business
ment, new construction and commercial. This helps
and leveraging knowledge across all business lines.
to smooth the inherent ups and downs in each part of
We have used this approach in developing information
the market.
systems that provide us with real-time visibility into
[15]
23. Q: materials. Mohawk is well positioned in this scenario
On a similar note, higher interest rates could im-
because of our broad range of price points in all major
pact new home construction. Wouldn’t that adversely
product categories.
impact Mohawk?
Q: A broadening of product categories has been a major
A: Frank: Again, I think the impact is overstated
strategic initiative for Mohawk over the past four years.
because of our market diversification. If new home
Is this likely to continue?
sales do slow as a result of increasing interest rates,
our residential replacement and commercial business
A: Jeff: The past four years have been about transi-
segments are likely to see growth because higher inter-
tioning Mohawk from a carpet company into a total floor-
est rates generally indicate an economy in expansion.
ing company. We’ve successfully done so and now have
Furthermore, the average square footage per home
a presence in every flooring category. Approximately 30
has increased approximately 40 percent since 1973 to
percent of our revenues comes from hard surfaces, which
approximately 2,330 square feet in 2003. So even if the
is the fastest growing part of the flooring market. So I
number of new housing starts does decline, there will be
think we have made significant progress in the transi-
some offset due to the increased size of homes.
tion, but we are just beginning to realize the potential
in these new areas.
Jeff: Another way to look at the interest rate issue is
to analyze all the demographic data relative to home-
Frank: Scale is a tremendous driver of profitability
building. Based on that analysis, many builders believe
in our carpet business. Now, we have the opportunity
the sector will remain strong through the decade based
to build similar scale in the hard surface side. The good
on simple supply and demand dynamics. Interest rates
news is that we have a head start because of so much
tend to affect price points more than anything else,
existing infrastructure, such as transportation and
with buyers more likely to trade down on price in a ris-
distribution centers.
ing rate environment. This trend extends to building
[16]
24. $2,000 ���� ����
1,500 ���� ����
An expanding product line combined 1,000 ���� ����
with sound marketing strategies has Gross Profit Dollars ����
led to consistent growth in profitability. 500 ��� ���
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0 � �
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03 04
00 01 02
(Amounts in millions $)
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Q: Q:
Your carpet and tile manufacturing is integrated What type of consumer purchasing similarities are
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backward. Do you need to have the same integration in there between soft and hard surfaces?
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other categories such as wood, laminate and vinyl?
� ����
A: Jeff: One of the reasons retail carpet is a rela-
A: Frank: We will probably work toward a model that
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tively fragmented industry is because it requires a
resembles our tile operations, where we have a balanced very high level of service. Flooring represents a major
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strategy between third-party sourcing and internal manu- home improvement expenditure for homeowners and
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facturing. This provides us with a great deal of flexibility one not done frequently. As a result, a significant part
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in a variety of areas, ranging from capital expenditures of the sales process involves consumer education. A
to product assortment. consumer with greater product knowledge can make
more informed choices based on decorating consider-
Q: ations, product performance and overall value. This
Mohawk’s distribution network is a major strength.
requires a well-trained and knowledgeable sales force.
Can you leverage this tool and the retailer network it serves
There also are installation considerations, which should
to grow the hard surface business segment?
be coordinated with the purchase. These factors make
A: Jeff: Yes. Carpet dealers face the same market flooring somewhat of a complex purchase, whether it’s
trends that Mohawk faces, namely the growing popu- broadloom carpet, ceramic tile, vinyl, laminate or
larity of hard surfaces. So, like us, they have and will hardwood flooring. In each case, a specialized level of
continue to broaden their product assortment. And we service is required and carpet retailers are well-posi-
will expand our support of them in this effort just as tioned to provide the resources needed to make this
we have supported them in their carpet sales. It’s also level of service happen.
important to remember that the consumer purchasing
dynamics are similar in both soft and hard surfaces.
[17]
25. Q: Q:
How are the marketing dynamics different for Acquisitions have been a major part of your growth
Dal-Tile, where distribution is weighted more toward strategy for over a decade. Are there still attractive acqui-
contractors rather than retailers? sition candidates and what are your acquisition criteria?
A: A: Jeff: Absolutely – there are still attractive candi-
Jeff: Ceramic and stone are interesting because
they extend beyond flooring to other surfaces, such dates. We make acquisitions for three primary reasons.
as countertops and walls. Ceramics, in particular, can First, we acquire to gain market share. Last year’s acqui-
involve extremely intricate design. The key is getting sition of Lees Carpet is the perfect example. It gave us
the customer – whether it’s a designer, contractor or immediate leadership in commercial carpet and a strong
end-user – into a sales environment that is conducive to position in modular carpet tile. Second, we acquire to
viewing the full range of possibilities. That’s why we have improve backward integration in manufacturing as
been investing heavily in remodeling Dal-Tile’s service we did recently in our Wayn-Tex acquisition. This
center showrooms. We’re also introducing Dal-Tile Design gives us yet another point of control in the supply chain.
Centers in major markets. These centers can display the And third, we acquire to broaden our product offering.
entire product line, as well as accommodate “idea” A current example would be stone surfaces, which is a
displays that showcase installed designs. A homeowner, highly fragmented market. We’ve bought two stone
for instance, can visit a Design Center, receive assistance slab distributors since 2002.
from Dal-Tile design experts and then order through
Frank: It’s important to remember that acquisitions
their installation contractor or flooring dealer.
are a means to realize a goal. Our goals are earnings
Frank: Historically, Dal-Tile has been stronger in the growth and return on invested capital. Acquisitions are
commercial rather than the residential market. The one way to achieve our goals, but we also are very open
initiatives that Jeff has described, along with adding to joint ventures or building a “green field” operation
more high-end porcelain to their product line, will be from the ground up. We will pursue the best path based
particularly helpful as we pursue more upside in the on our strategic needs and the financial equation.
residential market.
[18]
26. ���� ����
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$3,000 ����
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2,400 ����
The strength of our balance sheet
� �
1,800 ����
is evidenced by a four-fold increase
Stockholders’ Equity
1,200 ����
in stockholders’ equity over the
past five years. 600 ���
0 �
03 04
00 01 02
(Amounts in millions $)
� ����
� ����
� ����
� ����
� ����
Q: proposition that involves weighing the benefits of new
Over the past decade, Mohawk has spent cash of
� ����
markets versus the loss of certain operational leverage
approximately $1.4 billion on acquisitions. In the event
� �
in North America. It is, however, a route we may explore
acquisition activity does slow, then where will you direct
in the future.
your cash?
Q:
A: Frank: We have a structured approach to our use of In closing, what makes you most optimistic about
Mohawk’s future?
capital. Our first priority is internal capital expenditures
which have the lowest risk but still provide high returns
A: Jeff: As we’ve explained in this report, the
for us. Next would be acquisitions that add revenue
Company’s market position is really hard to beat. We
growth and expand our product lines quicker than we
benefit from a strong management team that promotes
could develop those lines internally. These investments
innovation and efficiency. We have a tremendous group
often provide stronger returns. Finally, we would em-
of employees who take great pride in their work. We’re
ploy stock repurchases as an alternative if the first two
also excited about the environment in which we do
options are not available. We have a repurchase program
business. We are seeing a rebound in the commercial
in place that allows for an additional four million shares
business, which will be a great chance to maximize the
to be repurchased.
potential of Lees. On our residential side, there are
favorable trends. More people own homes; the aver-
Jeff: The next level for cash investment would be to
age home is larger; interest in home décor is higher
look beyond the current parameters of our business,
than ever before. We feel fortunate to provide products
such as possible expansion into new product categories
that are an integral part of building, maintaining and,
that complement our flooring business. Another long-
frankly, enjoying a home. Our business is a good place
term possibility is to look at opportunities outside North
to be and is going to remain so for a long time.
America. International expansion is a more complex
[19]
27. BOARD OF DIRECTORS AND OFFICERS
Mohawk Industries, Inc. and Subsidiaries
DIRECTORS
Jeffrey S. Lorberbaum John F. Fiedler † // Robert N. Pokelwaldt * †
Chairman of the Board, President Former Chairman and Former Chairman and Chief Executive
and Chief Executive Officer Chief Executive Officer Officer of York International Corporation
Borg-Warner Automotive Inc. (a manufacturer of air conditioning and
(a manufacturer of automotive parts) cooling systems)
Leo Benatar † //
Principal of Benatar and Associates and
David L. Kolb S.H. “Jack” Sharpe
Former Chairman of Engraph, Inc., a sub-
sidiary of Sonoco Products Company (an Former Chairman and Executive Vice President
international manufacturer of industrial Chief Executive Officer Mohawk Residential Business
and consumer packaging products) Mohawk Industries
W. Christopher Wellborn
Phyllis O. Bonanno * Larry W. McCurdy * † President
President and Former Chairman, Dal-Tile
Chief Executive Officer of President and Chief Executive
International Trade Solutions, Inc. Officer of Echlin, Inc. (a worldwide
manufacturer of motor vehicle parts)
Bruce C. Bruckmann * // * Audit Committee
Managing Director † Compensation Committee
Bruckmann, Rosser, Sherrill & Co., Inc. // Nominating and Corporate
(a venture capital firm) Governance Committee
OFFICERS
Jeffrey S. Lorberbaum Jerry L. Melton W. Christopher Wellborn
Chairman, President and Vice President President
Chief Executive Officer Human Resources Dal-Tile
Frank H. Boykin Donald R. Riley Joe W. Yarbrough, Jr.
Vice President Finance and Chief Information Officer Vice President
Chief Financial Officer Operations
H. Monte Thornton
William B. Killbride President
President Mohawk Flooring
Mohawk Home
Officers (shown below from left to right): H. Monte Thornton, Donald R.
Board of Directors (shown below from left to right): Bruce C. Bruckmann, W. Christopher
Riley, Joe W. Yarbrough, Jr., Jeffrey S. Lorberbaum, William B. Killbride,
Wellborn, David L. Kolb, S.H. “Jack” Sharpe, Robert N. Pokelwaldt, Phyllis O. Bonanno,
Frank H. Boykin, Jerry L. Melton and W. Christopher Wellborn.
Jeffrey S. Lorberbaum, Leo Benatar, John F. Fiedler and Larry W. McCurdy.
[20]
