Ormet Announces Changes in its Board of Directors.HANNIBAL, Ohio Hannibal is an unincorporated community in eastern Ohio Township, Monroe County, Ohio, United States. Although it is unincorporated, it has a post office, with the ZIP code of 43931.[1] It lies along State Route 7. -- Ormet Corporation today announced that three members of its seven member board of directors were stepping down as a result of the changes in the stock ownership by MatlinPatterson and its affiliates. Under the terms of the current Stockholders Agreement, MatlinPatterson has the right to designate des·ig·nate tr.v. des·ig·nat·ed, des·ig·nat·ing, des·ig·nates 1. To indicate or specify; point out. 2. To give a name or title to; characterize. 3. three members of the Ormet Board of Directors as long as the MP ownership interests exceeded 25 percent of the outstanding stock. As a result of recent stock transactions, the MP ownership interest will soon be below this level and accordingly, the MP designated directors have stepped down. Ormet's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ken Campbell, stated that, "all of the Ormet constituents, including all of its current employees, want to express a sincere thank you to these three individuals who provided essential direction and oversight to the company during a very challenging and difficult two-year period since the company emerged from bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most ." Ken also indicated that the remaining four members of the board would be meeting to identify prospective new members of the board in the next several weeks. Headquartered in Hannibal, Ohio, Ormet Corporation is a major U.S. producer of aluminum, aluminum billet products and smelter-grade alumina alumina (əl  `mĭnə) or aluminum oxide, Al2O3, chemical compound with m.p. about 2,000°C; and sp. gr. about 4.0. . Ormet employs approximately 1,000 people. For more information,
visit the website at www.ormet.com.
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