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CO-CHIEF EXECUTIVE OFFICERS RESIGN FROM BURLINGTON AIR EXPRESS

 CO-CHIEF EXECUTIVE OFFICERS RESIGN FROM BURLINGTON AIR EXPRESS
 IRVINE, Calif., May 18 /PRNewswire/ -- Roger I. MacFarlane and Peter Thorrington announced today that they have resigned as co-chief executive officers of Burlington Air Express, a worldwide air freight forwarder based in Irvine, and have terminated their respective employment contracts.
 MacFarlane and Thorrington said the resignations followed orders received by them Friday, May 15, from the New York law firm representing The Pittston Company (NYSE: PCO), Burlington's parent, to immediately vacate their offices. They said the dismissals came without warning, were not authorized by the Burlington Board of Directors, and are in violation of several provisions of their employment contracts.
 MacFarlane and Thorrington joined Burlington in 1987 when Burlington acquired WTC International, a freight forwarder of which they had been the principal shareholders and executives. They became the co-chief executive officers of Burlington in 1990.
 Since the acquisition, the worldwide operations of Burlington and WTC have been successfully integrated, and Burlington has been a substantial positive contributor to the consolidated results of the parent company. In 1991, Burlington produced operating income of $19.8 million on revenues of $875.9 million and provided significant cashflow to the parent. On a consolidated basis, Pittston reported a loss of $151.9 million (including write-offs due to accounting changes of $123.0 million) on total revenues of $1.9 billion.
 MacFarlane said, "Our performance -- more than doubling Burlington's operating profit over the past year, has been excellent and cannot be the reason Pittston wants us out. We believe the real reason is that our employment contracts, and more important, our covenants not to compete, expire at the end of June. Pittston must think we are going to try and take inappropriate advantage of our positions. This doesn't make a lot of sense, however, since we and affiliates of ours still own more than 1 million shares of Pittston common stock received in the WTC acquisition."
 "Actually," Thorrington added, "Pittston has been talking for several years about divesting Burlington as part of a program to enhance shareholder value. First, it was to be a spin-off, then an IPO, then a strategic sale. When it appeared that none of these was going to be accomplished, we proposed trying to organize a management buy-out, but Pittston has been unable to agree whether or not they would even talk to us about it. We even proposed an extension of our employment contracts and non-compete covenants so that negotiations could be carried on without a gun to anyone's head. I guess we can conclude from getting thrown out the door that they aren't interested in talking to us. We regret that because we really believe a deal could have been structured that would have been beneficial to Burlington and its employees as well as to Pittston and its shareholders. It is ironic that when the dismissal was communicated to us, Roger was on the phone with Morgan Stanley discussing the structure of such a proposal."
 -0- 5/18/92 R
 /CONTACT: Roger I. MacFarlane at home until 7 a.m. PDT, 310-378-7873, or after 8 a.m. PDT, 714-668-6200; or Peter Thorrington at home until 7 a.m. PDT, 310-373-4127, or after 8 a.m. PDT, 714-668-6200/
 (PCO) CO: Burlington Air Express ST: California IN: SU: PER


ML -- NYON2 -- 1358 05/18/92 13:01 EDT
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Publication:PR Newswire
Date:May 18, 1992
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