Pioneer Announces the Anticipated Departure of Michael Y. McGovern as the Company's President and Chief Executive Officer
14 November 2005 - 6:20PM
PR Newswire (US)
HOUSTON, Nov. 14 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc.
(NASDAQ:PONR) today announced that its Board of Directors has
established a committee of independent directors, and an executive
search firm is being retained, to find a successor to Michael Y.
McGovern, the Company's President and Chief Executive Officer. Mr.
McGovern has indicated to the Board that he would like to
discontinue his employment by the Company at some point during
2006. He plans to continue his service as President and CEO until
his successor has been identified and elected. The Company also
announced that Mr. McGovern has been elected Chairman of the Board
as of December 31, 2005, the effective date of the previously-
announced resignation of David Weinstein from the Board. Mr.
McGovern, who is 54, was named a director of Pioneer when the
Company emerged from bankruptcy on December 31, 2001. He was
elected President and Chief Executive Officer in September 2002.
Mr. McGovern stated, "I enjoy the challenge of helping a company
fix problems and restoring value for the stockholders. We have had
great success at Pioneer, and the Company is now well past the
turn-around stage. "I look forward to assisting Pioneer with the
transition to a new CEO, who will continue to lead the Company in
our focus on the strategic direction of the future," McGovern
added. "My successor will start with an outstanding team of
dedicated employees, who have responded well to the difficult
challenges and changes over the past few years." As a separate
matter, the Company announced the resignation of Kent R.
Stephenson, Vice President, General Counsel and Secretary,
effective January 31, 2006. Mr. McGovern commented, "We are
grateful to Kent for his dedicated service to Pioneer and the
important role he has played in dealing with the complex legal
issues we have faced during his twelve years with the Company."
Pioneer, based in Houston, manufactures chlorine, caustic soda,
bleach, hydrochloric acid and related products used in a variety of
applications, including water treatment, plastics, pulp and paper,
detergents, agricultural chemicals, pharmaceuticals and medical
disinfectants. Pioneer owns and operates four chlor-alkali plants
as well as other downstream manufacturing facilities in North
America. Certain statements in this news release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. Forward- looking statements
relate to matters that are not historical facts. Such statements
involve risks and uncertainties. Actual outcomes may vary
materially from those indicated by the forward-looking statements.
DATASOURCE: Pioneer Companies, Inc. CONTACT: Gary Pittman of
Pioneer Companies, Inc., +1-713-570-3200 Web site:
http://www.piona.com/
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