Appointment of Anthony Fernandes as President & C.E.O. of Philip Services Confirmed.HAMILTON, ONTARIO--(BUSINESS WIRE)--Sept. 14, 1999-- Philip Services Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PHV PHV Plug-in Hybrid Vehicle PHV Peak Height Velocity PHV Peak Hour Volume (traffic & transportation engineering) PHV Protocol Handler (CDMA voice) PHV Protocol Handler for Voice .)(ME:PHV.) today announced that the appointment of Anthony Fernandes as President and Chief Executive Officer of Philip Services Corp. has been approved by the Company's lending syndicate, as well as by the Canadian and U.S. Courts. "We are very pleased that the way has been cleared for Tony to assume full responsibility," said Robert Knauss, Chairman. "He has the strong endorsement of both the Board and the Company's lending syndicate to make the changes necessary to put the Company on a path of stability and profitability. We extend our appreciation to Allen Fracassi who stayed on to successfully see Philip through the most critical period in our financial restructuring." Anthony Fernandes brings to Philip over thirty years of experience as a member of the executive management team at the Atlantic Richfield Company ("ARCO"). For the past five years he was Executive Vice President with responsibility for a number of diverse operations including refining and marketing, chemicals, metals, coal, pipelines, as well as an environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a group. He developed hands-on experience in a number of turnaround situations, achieving significant cost reductions and leading key restructuring activities. Before assuming operating responsibilities, Mr. Fernandes had 20 years of senior financial experience at ARCO. He has an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from Columbia University Columbia University, mainly in New York City; founded 1754 as King's College by grant of King George II; first college in New York City, fifth oldest in the United States; one of the eight Ivy League institutions. and a Bachelor of Science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree from Cornell University Cornell University, mainly at Ithaca, N.Y.; with land-grant, state, and private support; coeducational; chartered 1865, opened 1868. It was named for Ezra Cornell, who donated $500,000 and a tract of land. With the help of state senator Andrew D. . "I have spent the past two weeks meeting management and employees, and immersing myself in our business," said Tony Fernandes. "I am more confident than ever that this Company has a bright future. My priorities are to build a strong team, focus on our competitive advantages, ensure that we achieve the goals we identify, and profitably expand the business. Working with our management team, I will quickly get down to the task of making timely decisions to strengthen our Company." Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States, Canada and Europe. Philip provides diversified metals services, together with by-products management and industrial outsourcing services, to all major industry sectors. |
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