Kaiser Aluminum Board Re-elects George T. Haymaker, Jr. as Chairman
Promotes Jack A. Hockema to President and Chief Executive Officer
HOUSTON--(BUSINESS WIRE)--Oct. 11, 2001--Kaiser Aluminum Corporation (NYSE:KLU) said that its Board of Directors has re-elected former Chairman and Chief Executive Officer George T. Haymaker, Jr., 63, as non-executive Chairman of the Board and has promoted Jack A. Hockema, 54, to President and Chief Executive Officer. Both appointments are effective immediately.
Raymond J. Milchovich, 52, who had held the titles of Chairman, President and Chief Executive Officer at Kaiser Aluminum, has resigned to accept a position with another company.
Kaiser's Board of Directors expressed its best wishes to Milchovich in his new endeavors. In addition, the Board indicated that it has the utmost confidence in the ability of Haymaker and Hockema to move forward in effectively executing the company's strategy.
Haymaker has been a member of the Board of Directors since joining the company in 1993 as President and Chief Operating Officer. He was elected Chairman of the Board and Chief Executive Officer in 1994. At the end of 1999, he retired as CEO but served as non-executive Chairman of the Board until May 2001. His background includes more than 40 years in aluminum and related businesses, including more than 20 years of executive and management experience with Alcoa. From 1996 to 1998, he served as Chairman of the International Aluminium Institute.
Hockema has most recently served as Executive Vice President and President of Kaiser Fabricated Products, a responsibility he will continue to hold. He has 24 years of experience in the metals industry, including 11 years at Kaiser, and holds graduate and undergraduate degrees in management and engineering from Purdue University. Under his direction, Kaiser's fabricating businesses have dramatically improved their performance and competitive position.
``We are extremely pleased to have Jack assume the role of President and CEO in accordance with the company's existing management succession plan,'' said Haymaker. ``He is an exceptionally strong leader with broad operational and financial experience, extensive knowledge of the company, and a track record of innovation and performance improvement in our fabricated businesses. We are confident in effecting a seamless transition as we continue to address the challenges ahead. I welcome the Board's request to return as Chairman in order to work closely -- once again -- with Jack and the rest of the Kaiser team.''
Kaiser Aluminum is a leading producer of alumina, primary aluminum, and fabricated aluminum products. MAXXAM Inc. (AMEX:MXM) directly and indirectly holds approximately 62 percent of Kaiser Aluminum.