NORTHBROOK, Ill. -May 30, 2001--General Binding Corporation (Nasdaq: GBND - news) announced today that Terry G. Westbrook has resigned, effective immediately, as Senior Vice President and Chief Financial Officer to pursue other interests. “Terry played a significant role in helping GBC through its cost reduction and restructuring programs initiated in 1999,'' noted Dennis Martin, GBC's Chairman, President and CEO. ``We thank him for his many contributions at GBC, and we wish him well in his future endeavors.'' GBC is an innovative global technology leader in document finishing, film lamination, visual communications and paper shredder products. GBC's products are marketed in over 115 countries under the GBC, Quartet, Ibico, VeloBind, Shredmaster, Bates, Sickinger, Pro-Tech, and Fordigraph brands and are used in the commercial, business, educational, home office and governmental markets. Lane Industries, Inc., a diversified holding company based in Northbrook, IL, is the majority shareholder of GBC.