PAUL KAZARIAN REMOVED FROM BOARD OF SUNBEAM-OSTER COMPANY, INC.
PROVIDENCE, R.I., March 30 /PRNewswire/ -- Sunbeam-Oster Company, Inc. (NYSE: SOC) announced today that its majority shareholder, Sunbeam- Oster Equities, L.P. (SOE), has removed Paul B. Kazarian from the Company's Board of Directors. Kazarian was previously terminated as Chairman of the Board of Directors, President and Principal Financial Officer by a unanimous vote of the Company's Board of Directors, other than Mr. Kazarian. Peter A. Langerman, Chairman of the Sunbeam-Oster Board's Executive Committee and a member of SOE's Management Committee, said "SOE's removal of Mr. Kazarian from his Board position was taken in the best interest of the Company's shareholders and other constituents." SOE acted following the decision of a New York court to deny Kazarian a preliminary injunction and vacate a temporary restraining order preventing Kazarian's removal from the Board. In its decision the court said that Kazarian had "failed to demonstrate a likelihood of success based on undisputed facts, irreparable harm or that the equities weigh in (his) favor." Sunbeam-Oster also announced that it has been informed that Japonica Partners, L.P. has been replaced as general partner of SOE by S-O Equities Holding L.P., a newly formed entity owned equally by Mutual Series Fund Inc. and the Steinhardt organization. Separately, Sunbeam-Oster announced that its five remaining directors, Charles E. Davidson, Roderick M. Hills, Peter A. Langerman, Michael G. Lederman and Charles J. Thayer, have been nominated for reelection as directors of the company, and each has confirmed his intention to serve. Sunbeam-Oster is a leading international consumer products company that develops, manufactures, and markets a diversified portfolio of outdoor, household and specialty brand name products. The company's Sunbeam and Oster brands have been household names for generations, and the company is a market share leader in many of its product categories. -0- 3/30/93 /CONTACT: Michael G. Lederman, office of the president of Sunbeam- Oster, 401-831-0050; or Joseph N. Jaffoni of Dewe Rogerson, 212-688- 6840, for Sunbeam-Oster/ (SOC)
CO: Sunbeam-Oster Company, Inc. ST: Rhode Island IN: SU:
DH -- NE005 -- 0905 03/30/93 09:29 EST
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|Date:||Mar 30, 1993|
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