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GEORGIA-PACIFIC ELECTS CHAIRMAN AND CEO, AND VICE CHAIRMAN; PROMOTES OFFICERS; DECLARES DIVIDEND

 ATLANTA, Jan. 27 /PRNewswire/ -- Georgia-Pacific Corp.'s (NYSE: GP) board of directors today announced the election of A.D. "Pete" Correll, 51, as chief executive officer, effective May 4, 1993.
 Correll, currently president and chief operating officer, will succeed T. Marshall Hahn Jr., 66, chairman and chief executive officer, and become chairman and chief executive officer following Hahn's retirement on Dec. 2, 1993, his 67th birthday. Hahn will continue as a director following his retirement.
 The company does not plan to fill the position of president and chief operating officer when Correll assumes the role of chairman in December, Hahn said.
 In addition, the company's board announced that James C. Van Meter, 54, executive vice president - finance and chief financial officer, was elected vice chairman and chief financial officer. In addition to his current responsibilities for corporate financial matters and administration, Van Meter will assume responsibility for the company's law department, effective immediately.
 W.E. "Ed" Babin, 57, executive vice president - pulp and paperboard, responsible for the company's pulp, paperboard, containerboard and packaging operations, was named executive vice president - pulp and paper, effective immediately. His executive management responsibilities now also will include communication papers, packaged products and Butler Paper and Mail-Well.
 Also effective immediately, John F. McGovern, 46, vice president - finance and treasurer, was elected senior vice president - finance and treasurer, assuming additional responsibilities for the controller's, tax and investor relations departments.
 "The company's board of directors selected Pete to be chairman and chief executive officer because of his superb leadership and strategic analytical abilities and his unsurpassed operating experience in this industry," Hahn said. "I truly believe there is no one more capable of continuing to move this company toward even greater future success.
 "I couldn't be more enthusiastic or have more confidence in and support for the executive management team that this company will have when I retire. They represent a strong team of very talented people. I agreed to the request of Georgia-Pacific's board in 1991 to stay on an additional two years as chairman and chief executive officer to provide continuity of leadership during the uncertain economic times we were facing," Hahn continued. "Today, however, this company has a solid foundation for the future and a solid foundation of success on which this talented team can build.
 "Jim's promotion and increased responsibilities recognize his outstanding ability and contributions. I know of no stronger chief financial officer, and he has played a vital role not only in the company's growth during the last decade, but also in reducing the company's debt by nearly $2 billion since its acquisition of Great Northern Nekoosa Corp. in 1990, despite a severe, prolonged recession," he said.
 "I applaud the board's vision, fully support the new team and will work closely with its members during the year and into the future as a member of the board," Hahn concluded.
 In other action, Georgia-Pacific's board declared regular quarterly dividends on common stock. The cash dividend of 40 cents per share is payable March 8, 1993, to shareholders of record Feb. 12, 1993.
 -0- 1/27/93
 /CONTACT: Sheila Weidman of Georgia Pacific, 404-521-4732/
 (GP)


CO: Georgia-Pacific Corp. ST: Georgia IN: PAP SU: PER DIV

RA-BN -- AT015 -- 9864 01/27/93 16:23 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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