MeadWestvaco: Jerome Tatar to Retire as Chairman of the Board
Thursday, August 29, 2002
STAMFORD, Conn., August 27, 2002 - Following its regularly scheduled Board Meeting today, MeadWestvaco Corporation (NYSE: MWV) announced that Jerome F. Tatar will retire as Chairman of the Board in late December 2002. John A. Luke, Jr., currently President and Chief Executive Officer, will then also assume the role of Chairman. Mr. Tatar, previously Chairman, President and CEO of The Mead Corporation, had disclosed his plans to retire in the merger agreement between The Mead Corporation and Westvaco Corporation last year. The merger was completed on January 29, 2002. "I am very proud of the people of MeadWestvaco and what they have accomplished in a short time," Mr. Tatar continued, noting that the integration of the new company is well ahead of previously announced targets. "Over the past seven months, MeadWestvaco has made outstanding progress toward building a value-added business platform that will generate significantly enhanced shareholder returns along with improved products and services for customers. Under John's leadership, I have no doubt that our company will continue to gain momentum." Mr. Luke said: "I'd like to thank Jerry for his creative leadership and hard work in helping to make MeadWestvaco a reality. While I'll miss his partnership and friendship on a daily basis, I am confident that the team we've put in place is well qualified to meet the challenges and opportunities ahead." MeadWestvaco Corporation, headquartered in Stamford, Conn., with annual sales of approximately $8 billion, is a leading global producer of packaging, coated and specialty papers, consumer and office products and specialty chemicals. The company operates in 33 countries, serves customers in approximately 100 nations, and employs more than 30,000 people worldwide. Using sustainable forestry practices, MeadWestvaco owns and manages 3.4 million acres of forests. For more information about MeadWestvaco, visit the company's website at www.meadwestvaco.com.