Server: Netscape-Commerce/1.1 Date: Friday, 21-Nov-97 00:11:39 GMT Last-modified: Friday, 08-Aug-97 01:06:51 GMT Content-length: 6751 Content-type: text/html
Current Chairman and CEO Mason, Credited With Revitalization of Forest Products Company, Announces Decision to Retire DAYTON, Ohio, Aug. 7 /PRNewswire/ -- The Mead Corporation (NYSE: MEA) today announced that its board of directors has elected Mead President Jerome F. Tatar, 50, to chairman, chief executive officer and president, effective November 1, 1997. Tatar will succeed Steven C. Mason, a 40-year Mead veteran who has been chairman since 1992. Mason, 61, has elected to retire early. Said Tatar: "Over the last five years, Steve has worked tirelessly to reshape Mead and invigorate its culture. He has created a strong senior management team which is committed to results for customers and shareowners, a dynamic and challenging environment for employees, and a platform from which Mead will continue to make great strides. I've been privileged to work with Steve and I couldn't be more excited about the opportunity to lead Mead to the next level." Noting that Mason had served as president for ten years before becoming chairman and CEO in 1992, Tatar added: "From his personal experience, Steve believes strongly that there is a right time to step aside and let successors make the decisions that they will live with. This has been part of Steve's plan all along." Said Mason: "This is a planned transition. Mead has one of the strongest management teams in business today. Mead's team, including Jerry, deserves credit for our progress over the last few years. But, as the pace of change in our industry accelerates -- and strategic decisions are made that will determine what Mead looks like in ten years -- it will be more essential that Jerry and the team be even more cohesive and have total ownership of their decisions. Jerry is exactly the right person to build that cohesiveness and to inspire our employees to achieve more than they have already. He is also the right person to build on our progress in customer satisfaction and to make Mead the preferred supplier to our customers by a wider margin." Added Mason: "Five years ago, we set out to have Mead recognized as a great company. I am very pleased that Jerry will be at the helm to help the company achieve that goal." Concluded Tatar: "In nearly 25 years with Mead, it's fair to say that I've seen significant changes in our industry and that I'm proud of Mead's transformation over the last several years. We've made enormous progress, pulling from the middle of the pack to a leader in customer satisfaction and productivity. I remain intensely committed to maintaining our momentum in these areas. At the same time -- armed with a strong balance sheet -- I intend to focus on increasing value for our shareowners, and to target, in a disciplined way, strategic acquisitions and internal product market development. We will take advantage of industry consolidation and recognize good opportunities both globally and domestically as the industry continues to evolve." Tatar was elected president and chief operating officer by the board of directors in April 1996. He had been serving as vice-president-operating officer since July 1994. He joined Mead in 1973 as operations research analyst and was promoted to manager of operations research the following year. In 1975, he was named a planner in the corporate planning department and held that position until 1977 when he was appointed director of marketing for Mead's Paperboard Products Division. In 1979 he moved to Atlanta as general manager, strategy and new ventures, for Mead Packaging, and was named general manager, brewery, in 1980. He was named president of Gilbert Paper in Menasha, Wisconsin, in 1981. Tatar assumed the newly-created position of vice president, marketing in 1985, and was appointed president of the Fine Paper Division in 1986. Tatar has a B.S. degree in mathematics and economics from Carnegie-Mellon University and an M.B.A. degree from the University of Pittsburgh. The Mead Corporation produces coated papers for periodicals, catalogs, books, and commercial printing; carbonless copy paper; uncoated and specialty papers; and pulp and wood products. In the packaging and paperboard sector, the company produces coated paperboard; beverage and food packaging; and corrugating medium and cartons. Mead is a major supplier of value-added school and office products. Mead's Zellerbach division delivers products and services for printing, packaging and industrial supply markets. SOURCE Mead Corporation CONTACT: Elizabeth L. Russo of The Mead Corporation, 937-495-3312