GENESEE CORPORATION ANNOUNCES ELECTION OF JOHN L. WEHLE, JR.
ROCHESTER, N.Y., Nov. 22 /PRNewswire/ -- Genesee Corporation (NASDAQ: GENBB) announced today that its board of directors elected John L. "Ted" Wehle, Jr., the corporation's president and chief executive officer, to the additional office of chairman of the board of directors. Wehle succeeds his father, John L. "Jack" Wehle who died on Nov. 7, 1993, as chairman of the board. Wehle, 47, joined the corporation in 1968 and has served in all areas of the corporation's operations. Wehle has held the offices of assistant treasurer, vice president - financial planning, vice president - operations and executive vice president. He was elected president and chief operating officer in 1982 and in 1986 he was elected chief executive officer. Wehle has also served as a director of the corporation since 1976. Wehle is a graduate of Rochester Institute of Technology where he currently serves as a member of its board of trustees. In addition, Wehle is a member of the board of managers of Strong Memorial Hospital. Other community and business activities include membership on the boards of Chase Manhattan Bank - Regional Advisory Board, Genesee Country Museum, Greater Rochester Visitors Association, Center for Governmental Research, Rochester Philharmonic Orchestra, Industrial Management Council and United Neighborhood Centers of Greater Rochester. Wehle resides in Scottsville, N.Y. with his wife Patricia. His daughters, Elizabeth and Carolyn, are undergraduate students at Middlebury College and St. Lawrence University, respectively. Genesee Corporation traces its history back to 1878 when the Genesee Brewing Company was originally formed. The corporation has grown considerably following the re-establishment of Genesee Brewing Company at the end of prohibition in 1933. Today, the corporation's Genesee Brewing Company subsidiary is the nation's seventh largest brewer with annual sales of more than 2 million barrels in twenty-four states. In addition, the corporation has diversified its business to include interests in dried food processing, equipment leasing and real estate investment. Consolidated gross sales were more than $184 million in fiscal 1993. Wehle is the third generation of the Wehle family to lead the corporation, following his father, John L. Wehle, and his grandfather, Louis A. Wehle. "The election of Ted Wehle to the additional office of chairman of the board reflects the board's confidence in Ted's ability to lead the Corporation as it pursues the business strategies that he helped to define as president and chief executive officer," said Stephen B. Ashley, chairman of the board's management continuity committee. "The election of Ted Wehle to serve as chairman is an endorsement of the management succession plan that has been in place for some time," said Robert N. Latella, executive vice president and chief operating officer. "Although we were all saddened by the sudden death of Jack Wehle, Ted was ready to take control and we did not miss a beat in this transition to new leadership," said Latella. -0- 11/22/93 /CONTACT: Mark Leunig of Genesee, 716-546-1030, ext. 440/ (GENBB)
CO: Genesee Corporation ST: New York IN: FOD SU: PER
BM-AR -- CL015 -- 6935 11/22/93 16:03 EST
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|Date:||Nov 22, 1993|
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