RICHMOND, Va., Jan. 16 /PRNewswire-FirstCall/ -- Tredegar Corporation
(NYSE: TG) announced that Norman A. Scher plans to retire as president and
chief executive officer. Scher, 68, joined Tredegar in 1989 as executive vice
president and chief financial officer and was elected president and chief
executive officer in 2001. He will continue to serve as a member of the board
of directors and its executive committee. Scher has also been named vice
chairman and will assist with special projects throughout 2006.
Tredegar's board has elected John D. Gottwald, who is currently chairman
of the board, to succeed Scher as president and chief executive officer.
Gottwald served as Tredegar's president and chief executive officer from 1989
to 2001 when he was succeeded by Scher. Richard L. Morrill, an independent
director since 1997 and chancellor and former president of the University of
Richmond, has been elected chairman. All changes were approved by the board
today and are effective March 1.
Gottwald said: "I want to thank Norm for his many contributions to
Tredegar and willingness to help the company and board going forward. I'm
enthusiastic about the opportunity the board has given me for a second term as
president and CEO. The challenges are numerous. We have initiated
comprehensive strategic reviews of our businesses. I'm optimistic that by
focusing on the priorities identified by these reviews, Tredegar's performance
Scher said: "I'm grateful for the opportunity to have led Tredegar for
the last four years. I'm delighted that John will be returning to the role of
CEO to lead the execution of our strategies. I am confident he and our
management team will be successful, and I look forward to supporting them as
Gottwald, 51, joined Tredegar in 1989 as president and chief executive
officer. In 2001, he was elected chairman. Prior to joining Tredegar, he was
vice president of aluminum, plastics and energy at Ethyl Corporation.
Gottwald has served on Tredegar's board since 1989. He also serves on the
board of Albemarle Corporation (NYSE: ALB). He received a B.A. degree from
Washington & Lee University and an M.B.A. from the University of Richmond.
Based in Richmond, Va., Tredegar Corporation is a manufacturer of plastic
films and aluminum extrusions.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
This news release may contain "forward-looking statements" regarding
Tredegar Corporation's business. These statements are not historical facts,
but statements that involve risks and uncertainties. Actual results could
differ materially from those included in these forward-looking statements.
For a discussion of such risks and uncertainties, see "Forward-looking and
Cautionary Statements" in the company's Annual Report on Form 10-K for the
most recently ended fiscal year.
SOURCE Tredegar Corporation
/CONTACT: Mitzi S. Reynolds of Tredegar Corporation, +1-804-330-1134,
Fax: +1-804-330-1177, or firstname.lastname@example.org/
/Web site: http://www.tredegar.com /
CO: Tredegar Corporation
IN: CHM MNG
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