Printer Friendly

THE LTV CORPORATION ANNOUNCES NEW BOARD OF DIRECTORS

 CLEVELAND, June 21 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV) today announced the formation of a new board of directors for the reorganized company. LTV expects to complete its reorganization and emerge from Chapter 11 by the end of June 1993.
 "The new LTV board of directors was created to reflect the diversity of the company's constituencies and to strengthen LTV's ability to successfully address issues critical to our shareholders and stakeholders. Our directors are an outstanding group of high quality executives and leaders who will make an important contribution to our future," said David H. Hoag, chairman and chief executive officer.
 The new LTV board of directors will consist of 13 members, including Hoag who will be the only inside director.
 New directors include: John E. Jacob, president and CEO, National Urban League; M. Thomas Moore, chairman and CEO, Cleveland-Cliffs, Inc.; Vincent A. Sarni, chairman and CEO, PPG Industries, Inc.; Dr. Paul Stern, chairman, Northern Telecom Limited; Steven B. Timbers, president and COO, Kemper Corporation; and Farah M. Walters, president and CEO, University Hospitals.
 LTV will announce another new director later this year. In addition, the United Steelworkers of America is expected to nominate one director.
 Four current LTV directors will serve on the new board: Dr. Colin C. Blaydon, chairman, ITP Systems; William H. Bricker, chairman and CEO, D.S. Energy Services, Inc.; John C. Evans, advisory director, Morgan Stanley & Co., Inc.; and Edward C. Joullian III, chairman, Mustang Fuel Corp.
 "Each director provides expertise, experience and leadership in critical disciplines important to LTV's success in the global marketplace. They are exceptional individuals and proven business leaders. We are pleased and honored that they have made a commitment to the new LTV," Hoag said.
 Hoag said that today's announcement was the culmination of a carefully planned and executed recruitment process designed to provide the new LTV with a high quality board of directors. The company formed a director search committee consisting of Hoag and Joullian, a current director and chairman of the board composition committee. Other director search committee members were John Brinzo, chairman of the steel creditors committee; and Joel Piassick, chairman of the parent creditors committee.
 It was agreed that recruiting criteria and all other aspects of the selection process would be discussed by the search committee and that decisions would be unanimous. The committee retained the executive search firm of Russell Reynolds, Inc., to assist in the identification and recruitment of the new directors.
 "The process of selecting our new directors," said Hoag, "involved some of the most accomplished business leaders in the country. Their interest in LTV is heartening, and our new board will be a tremendous asset to our company and its shareholders."
 The LTV Corporation is a major American industrial company. Its subsidiaries are LTV Steel Company and LTV Energy Products Company. LTV Steel is the leading producer of high quality flat rolled steel for the automotive, appliance, service center, and electrical equipment markets. The company also is a leading supplier of welded steel pipe and tubing and tin mill products. LTV Energy Products Company is a leading manufacturer of oilfield equipment and a distributor of industrial supplies.
 -0- 6/21/93
 /CONTACT: Mark R. Tomasch, senior director of corporate communications for The LTV Corporation, 216-622-4635/
 (QLTV)


CO: The LTV Corporation ST: Ohio IN: MNG SU: PER

KL -- CL009 -- 3997 06/21/93 11:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 21, 1993
Words:563
Previous Article:JOHNSON CONTROLS NAMES JOHNSTON HEAD OF BATTERY GROUP
Next Article:NEW BEST POWER TECHNOLOGY CHECKUPS(R) FOR MACINTOSH(R) SOFTWARE WORKS WITH ITS BACKUP POWER HARDWARE, SO MACS AREN'T POWERLESS OR SPEECHLESS
Topics:


Related Articles
HOAG NAMED CHAIRMAN OF AMERICAN IRON AND STEEL INSTITUTE
LTV CORPORATION APPOINTS DOUGLAS A. BROOK TO LEAD NEW WASHINGTON, D.C., OPERATIONS
SAMUEL K. SKINNER APPOINTED TO NEW LTV BOARD OF DIRECTORS
HAROLD A. POLING TO JOIN LTV BOARD OF DIRECTORS
LTV CORPORATION ANNOUNCES COMMON STOCK OFFERINGS
LTV TO RECEIVE $375 MILLION SETTLEMENT FROM USX
EXERCISE TERMS SET FOR LTV SERIES A WARRANTS
LTV NOMINATES EDGAR L. BALL TO LTV BOARD OF DIRECTORS
LTV Amends Corporate By-Laws
LTV Names J. Peter Kelly to Board; Promotes to Corporate President and Chief Operating Officer

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters