Wes Lucas to Resign, DIC Announces Changes At Sun Chemical
Press release from the issuing company
PARSIPPANY, NJ - January 4, 2006 - Dainippon Ink & Chemicals (DIC), Sun Chemical Corporation’s ultimate parent, has developed a strategy to gain significant synergies by integrating the management of DIC and Sun Chemical’s operations and more closely coordinating their global management structure. This will create significant benefits in terms of better serving customers and reducing costs.
To facilitate this, DIC elected on December 31, 2005 Naoki Tsuji and Kazuo Kudo to the Board of Sun Chemical Corporation. In addition, Tsuji will become Vice Chairman of the Board. Both Tsuji and Kudo have long and distinguished careers at DIC. Tsuji’s current position is President, DIC Logistics, and Kudo’s current position is General Manager, Corporate Strategic Planning.
As a result, regrettably, Wes Lucas has decided to resign from his position of President and CEO of Sun Chemical effective December 31, 2005, but will remain as Chairman of the Board of Sun Chemical.
During Lucas’ tenure as President and CEO, Sun Chemical experienced significant success, and DIC and Sun Chemical are grateful for Lucas’ leadership and positive impact during his tenure.
DIC has appointed David Hill as CEO and President of Sun Chemical Corporation effective January 1, 2006, succeeding Lucas. Hill will join the Board of Sun Chemical Corporation.
Hill has 36 years of experience in the chemical industry, the last four with Sun Chemical Corporation. Hill received his PhD from the Massachusetts Institute of Technology in 1970. During his career he has held many positions of senior responsibility with Fortune 100 companies. His longest tenure was with Allied Signal Corporation where he was Chief Technology Officer for their chemical and materials businesses as well as President of their Fibers and Specialty Chemicals units.
Koji Oe, President of DIC said, "I hold a firm conviction that we need to focus on our technology and manufacturing processes if we are to meet the many challenges facing our business globally. Dr. Hill is a leading expert and is uniquely qualified for this task. DIC and Sun Chemical will gain significant synergies from closer management of technology and operations. This will create significant benefits in customer service and operational efficiency."
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