MAXXAM Shareholders Elect Board Members

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HOUSTON--(BUSINESS WIRE)--May 23, 2001--MAXXAM INC. (AMEX:MXM - news) shareholders today reelected the Company's nominees to the Board of Directors. MAXXAM's shareholders annually elect a majority of the Board of Directors. 

Holders of MAXXAM's common stock elected Robert J. Cruikshank, Stanley D. Rosenberg, and Michael J. Rosenthal as Common Directors to serve until the 2002 Annual Meeting. 

Holders of MAXXAM's common and preferred stock, voting together as a single class, elected Paul N. Schwartz as General Director to serve until the 2004 Annual Meeting. 

Shareholders also rejected proposals to adopt cumulative voting, declassify the Board of Directors, and require a majority of directors on the Board to consist of persons who meet a rigid definition of ``independent.'' Approximately 90 percent of shareholder votes were cast against each of the proposals. MAXXAM had urged that its shareholders reject these proposals.