MICHAEL H. JORDAN ELECTED CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF WESTINGHOUSE
PITTSBURGH, June 30 /PRNewswire/ -- Michael H. Jordan, 57, was elected chairman and chief executive officer by the Westinghouse Electric Corporation (NYSE: WX) board of directors, effective immediately. Richard M. Morrow said, "Mr. Jordan's background in engineering and his strengths in business strategy, financial management and international marketing make him the ideal candidate for the job. He is a visionary leader with the talents needed to restore Westinghouse to success." Morrow announced he will step down as board chairman, a position he has held since Jan. 27. He will remain as a Westinghouse director. Gary M. Clark, who has served as president and acting chief executive officer, will continue as president of Westinghouse and a member of the board. Jordan was a principal at Clayton Dubilier & Rice, Inc., a New York private investment firm. Prior to that he was president and chief executive officer of PepsiCo International. "After an exhaustive examination of the qualifications of several excellent inside and outside candidates, the board's nominating and governance committee recommended Michael Jordan as the person best suited to continue implementation of our plan to focus on those changes that will allow Westinghouse to achieve profitable growth," Morrow said. "The entire board enthusiastically supported that recommendation." "Mike is a demonstrated leader and a business visionary," said Morrow. "He clearly possesses the knowledge and the track record to lead Westinghouse to a higher level of financial performance. His broad success at PepsiCo International ties into Westinghouse's plans for growth into the next century. We are most fortunate to have found an executive of Michael's exceptional caliber." "I'm honored and excited to have the opportunity to lead Westinghouse and its great people," Jordan said. "Under the excellent stewardship of Gary Clark, the corporation is now moving in the right direction. My priority is to accelerate that movement. "Westinghouse is already undergoing tremendous change. Significant progress has been made this year in resolving the problems of the financial services unit. Steps are underway to assure that the existing corporate support structure is properly matched to Westinghouse's more diversified and independent operating units. And now, all of the core businesses will undergo a similar examination, with the help and dedication of the people of Westinghouse. "I see the new Westinghouse as smaller, but strategically sound, less affected by business cycles and more competitive. To reach that goal, we need to become more innovative. I intend to lead the efforts to 're-think' Westinghouse and its businesses." Jordan comes to Westinghouse from Clayton Dubilier & Rice, Inc. In 1992 he joined the New York-based private investment firm as a partner. Prior to that he held executive management positions of increasing responsibility during a distinguished 18-year career with PepsiCo Inc. Jordan joined PepsiCo at the Purchase, N.Y., operation as director of financial planning in 1974. In 1976 he was appointed senior vice president planning and development. Jordan became senior vice president of manufacturing operations in 1977 for PepsiCo International's Dallas-based Frito-Lay division with responsibility for a 10,000-employee workforce. In 1982 he was appointed president of PepsiCo Foods International. In 1983 Jordan was named president and chief executive officer of Frito-Lay Inc. In 1985 he was appointed executive vice president and chief financial officer at PepsiCo and also was elected to the company's board of directors.
In 1986 he assumed the title of president.
From 1987 to 1992 Jordan served as president and chief executive officer of PepsiCo Worldwide Foods. Upon his retirement, Jordan was chairman of PepsiCo International Foods and Beverages division and a corporate director. Prior to his career with PepsiCo, Jordan was a consultant and principal from 1964 to 1974 with McKinsey & Co. As a naval officer serving under Admiral Hyman Rickover in the early 1960s, he earned certification as a nuclear engineer at Bettis Atomic Power Laboratory, a government-owned facility managed by Westinghouse. Jordan is a 1957 graduate of Yale University with a bachelor of science degree in chemical engineering. In 1959 he earned a master's degree in engineering from Princeton University. Jordan is a member of the board of directors of the United Negro College Fund. He serves on several corporate boards, including Rhone-Poulenc Rorer, Melville Corporation, Dell Computer Corporation and Aetna Life and Casualty Company. Jordan and his wife, Kathryn Hiett Jordan, have two children. Jordan was born in Kansas City on June 15, 1936. /delval/ -0- 6/30/93 /CONTACT: Jay A. McCaffrey of Westinghouse Electric, 412-642-3366/ (WX)
CO: Westinghouse Electric Corporation ST: Pennsylvania IN: CPR ARO TRN SU: PER
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|Date:||Jun 30, 1993|
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