Gillette Announces Changes in Its Board of Directors.Business Editors NOTE TO MEDIA: Photos are available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com BOSTON--(BUSINESS WIRE)--March 14, 2002 The Gillette Company today announced the appointment and nomination of two new Board members. Nancy J. Karch, recently retired senior partner of the international consulting firm McKinsey & Company, has been appointed to the Board of Directors, effective June 20, 2002, and Ray J. Groves, 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. of Marsh Inc., a unit of Marsh & McLennan Companies, Inc., has been nominated for election to the Board at the Gillette Annual Meeting of Stockholders on May 16. Ms. Karch, 54, will serve the final year of the three-year term of Henry R. Kravis, who is resigning from the Board, effective April 2002, to devote more time to his business interests. A director of The Gillette Company since 1996, Mr. Kravis will continue to hold nearly two million shares of Gillette stock. Mr. Groves, 66, has been nominated to succeed Carol R.Goldberg, who will not be standing for reelection re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re this year, having reached the mandatory retirement age for directors. "Gillette will certainly miss the expert counsel and strong leadership that both Carol Goldberg and Henry Kravis have provided to our Company. They are two of the best qualified people in their fields," said James M. Kilts James M. Kilts was a chief executive officer of The Gillette Company. He negotiated the sale of the company to Procter & Gamble for US$57 billion. Press investigators estimate that he stood to gain more than $165 million personally in the purchase. , chairman and chief executive officer. "I am also very gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that we have identified two exceptional people to succeed them. Both Nancy Karch and Ray Groves have long and distinguished careers. We are looking forward to their contributions as members of the Gillette Board of Directors." Ms. Karch, who retired from McKinsey in 2000, now serves as a member of the McKinsey Advisory Council, a small group of former partners who provide advice to the firm. A recognized expert in the field of general merchandise retailing, Ms. Karch is an active speaker and publisher in the retailing and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and fields. She is a member of the Board of Directors of Liz Claiborne, Inc.; Toys 'R' Us, Inc.; The Corporate Executive Board; and Garden Ridge Corp. She is on the Boards of the Westchester (NY) Land Trust and the American Jewish Committee
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Women's Forum and the President's Council of Cornell Women. Mr. Groves, nominated for election to a three-year term expiring at the 2005 Annual Meeting of Stockholders, served as Chairman and Chief Executive Officer of Ernst & Young for 17 years until his retirement in 1994. He was Chairman of Legg Mason Merchant Banking, Inc. from 1995 to 2001. Mr. Groves is a member of the Board of Directors of Marsh & McLennan Companies, Inc.; American Water Works Company, Inc.; Boston Scientific Corporation; and Electronic Data Systems Corporation. He serves on the Council on Foreign Relations The Council on Foreign Relations (CFR) is an influential and independent, nonpartisan foreign policy membership organization founded in 1921 and based at 58 East 68th Street (corner Park Avenue) in New York City, with an additional office in Washington, D.C. . He is also a managing director and secretary-treasurer of the Metropolitan Opera Association and a director of The Ohio State University Ohio State University, main campus at Columbus; land-grant and state supported; coeducational; chartered 1870, opened 1873 as Ohio Agricultural and Mechanical College, renamed 1878. There are also campuses at Lima, Mansfield, Marion, and Newark. Foundation. Also nominated for election to three-year terms at the 2002 Annual Meeting of Stockholders are incumbent directors Warren E. Buffett, Michael B. Gifford and Marjorie M. Yang. Note: Photos are 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.031402/bb12 http://www.businesswire.com/cgi-bin/photo.cgi?pw.031402/bb12a |
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