Cornell Companies Names Harry J. Phillips, Jr. Chief Executive Officer.To download high-resolution, print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption Photo Editors/Business Editors NOTE TO MEDIA: Multimedia assets available A photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.082503/bb2 HOUSTON--(BUSINESS WIRE)--Aug. 25, 2003 Cornell Companies Inc. (NYSE NYSE See: New York Stock Exchange :CRN CRN Computer Reseller News CRN Crown CRN Council for Responsible Nutrition CRN Crane CRN Community Recycling Network CRN Course Reference Number CRN Center for Responsible Nanotechnology CRN Cornish (SIL code, UK) ) today named Harry J. Phillips, Jr. as chief executive officer, effective immediately. Phillips has been serving as executive chairman since February 2002 and will remain in the role of chairman of the board. He joined Cornell's board of directors in January 2001. The board also decided to name an independent lead director as recommended by Cornell's nominating and corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. committee. The board expects the role of lead director to be finalized by the end of 2003. "I am looking forward to continuing to be a part of the outstanding Cornell management team and I am pleased with the confidence that the Board has demonstrated in our new direction," Phillips said. "Cornell is a solid provider of outstanding service to our government customers and has demonstrated a commitment to continued growth in our business and in the value that we provide to our shareholders," he continued. Tom Jenkins, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said, "Harry provides vision and direction to Cornell and he has helped place our company on a path to solid growth. He has a passion for the people we serve, a sincere respect for our valued employees and customers and a strong commitment to our shareholders." Jenkins added, "The Cornell team is excited to have Harry assume this new role and we look forward to his continued leadership." Phillips has been president of Phillips Investments Inc. and a general partner of ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) Partners, which has a special emphasis on environmental entities, since 1991. He was chairman of the board and chief executive officer of American Ecology Corporation from 1992 to 1995. He has also served as a director of Browning Ferris Industries, as well as their executive vice president of North American Operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. . He was responsible for $2 billion in revenues and assets and approximately 25,000 employees at over 350 locations. Cornell Companies Inc. is a leading private provider of corrections, treatment and educational services outsourced by federal, state and local governmental agencies. Cornell provides a diversified portfolio of services for adults and juveniles, including incarceration Confinement in a jail or prison; imprisonment. Police officers and other law enforcement officers are authorized by federal, state, and local lawmakers to arrest and confine persons suspected of crimes. The judicial system is authorized to confine persons convicted of crimes. and detention, transition from incarceration, drug and alcohol treatment programs, behavioral rehabilitation and treatment, and grades 3-12 alternative education in an environment of dignity and respect, emphasizing community safety and rehabilitation in support of public policy. Cornell (http://www.cornellcompanies.com) has contracts to operate 70 facilities with a total service capacity of 16,514. Cornell's facilities are located in 14 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current plans and actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, (i) the outcomes of pending putative class action shareholder and derivative lawsuits, and related insurance coverage (ii) risks associated with acquisitions and the integration thereof (including the ability to achieve administrative and operating cost savings and anticipated synergies), (iii) the timing and costs of expansions of existing facilities, (iv) changes in governmental policy to eliminate or discourage the privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned of correctional, detention and pre- release services in the United States, (v) the availability of debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. on terms that are favorable to the Company, (vi) fluctuations in operating results because of occupancy, competition (including competition from two competitors that are substantially larger than the Company), increases in cost of operations, fluctuations in interest rates and risks of operations, (vii) significant charges to expense of deferred costs associated with financing and other projects in development if management determines that one or more of such projects is unlikely to be successfully concluded, (viii) results from alternative deployment or sale of facilities such as the New Morgan Academy, and (ix) the Company's ability to negotiate a contract amendment with the BOP related to the Moshannon Valley Correctional Center. Note: A photo is available at URL: http://www.businesswire.com/cgi-bin/photo.cgi?pw.082503/bb2 |
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