Albany International Corp. Announces CEO Successor
13 Mayo 2005 - 5:33PM
PR Newswire (US)
Albany International Corp. Announces CEO Successor ALBANY, N.Y.,
May 13 /PRNewswire-FirstCall/ -- Albany International Corp.
(NYSE/PSE/FWB: AIN) announced today that Joseph G. Morone, Ph.D., a
director of the Company, has been named President, effective
September 1, 2005, and will become Chief Executive Officer on
January 1, 2006. Frank R. Schmeler will continue to serve as
Chairman. Dr. Morone, 51, has been a director of the Company since
1996 and Chairman of the Governance Committee since its formation
in 2003. He has been a member of the Audit Committee since 1996 and
served as Chairman of that committee from 1997 to 2000. Since 1997,
he has served as President of Bentley College in Waltham,
Massachusetts. Prior to joining Bentley, he served as the Dean of
the Lally School of Management and Technology at Rensselaer
Polytechnic Institute, where he also held the Andersen Consulting
Professorship of Management. He currently serves as a director of
Transworld Entertainment Corporation and Chairman of the Board of
Trustees of Tufts-New England Medical Center. Thomas R. Beecher,
Jr., Albany's Lead Director, said, "The Board of Directors
unanimously determined to elect Dr. Morone based on his experience
leading complex organizations, his knowledge and understanding of
the Company, his understanding of issues confronting business
organizations and his strong personal qualities. Our search and
screening process, initiated in November of 2004 and facilitated by
Korn/Ferry, was intense and comprehensive, and produced a pool of
top candidates. It was during this process that Dr. Morone, at the
urging of Frank Schmeler, agreed to allow himself to be considered
as a candidate. When the process was fully concluded, it was clear
to the board that Dr. Morone was the logical choice." Frank
Schmeler, the Company's Chairman and CEO, added, "Dr. Morone's
intelligence and understanding of the strategic growth issues
facing today's business enterprises, combined with his knowledge of
the Company and his long experience working with the Albany
management team, clearly made him the leading candidate. I am
looking forward to working more closely with him." Dr. Morone said,
"I am excited by the opportunity to lead a company with such a
proud tradition and such an outstanding team of managers and
employees. With several years of Board experience as a starting
point, I hope to be able to continue and accelerate the efforts
already underway to provide greater value to Albany International's
customers and increased returns to its shareholders." Albany
International is the world's largest producer of paper machine
clothing and high performance doors with manufacturing plants
strategically located to serve its customers throughout the world.
Additional information about the Company and its businesses and
products is available at http://www.albint.com/. DATASOURCE: Albany
International Corp. CONTACT: Kenneth C. Pulver, Vice
President-Global Marketing & Communications, +1-518-445-2214
Web site: http://www.albint.com/
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