Brussels, September 22, 2006 - RHJ International (Euronext: RHJI) announced today that Harvey Golub has been appointed as a director by the Board of Directors to fill a vacancy created by the resignation from the Board of Jeffrey M. Hendren. Mr. Golub is the Executive Chairman of Ripplewood Holdings, LLC, Non-Executive Chairman of the Boards of Campbell Soup Company, ClientLogic and Sentient Jet and a director of Dow Jones and Co. Mr. Golub served as the Chief Executive Officer and Chairman of the Board of American Express from 1993 until he retired in 2001. Prior to joining American Express in 1991, he was a senior partner with McKinsey & Co. While Mr. Golub's mandate as a director of the Company is already effective, his mandate will be presented to the next shareholders' meeting of the Company for reconfirmation in accordance with Belgian legal requirements.
Timothy C. Collins, Chief Executive Officer of the Company, stated that when "Harvey Golub assumed the helm at American Express, he undertook a series of strategic initiatives that refocused the business, reestablished its prestige and market position in the credit card business and restored its reputation. Given Harvey's substantial achievements and extensive experience professionally, we believe that he can provide valuable insights as a director of the Company and welcome his participation."
In addition to his resignation as a director of the Company, Mr. Hendren has also resigned as an employee effective as of November 13, 2006. Pursuant to the terms of Mr. Hendren's resignation arrangements, he will remain a consultant through March 31, 2007 to effect a smooth transition of his responsibilities and then pursue other professional interests following June 30, 2007.
The Company has also accepted the resignation of Mr. Frank Baker, who has also entered into a consulting agreement through March 31, 2007 to effect a smooth transition of his responsibilities and then pursue other professional interests following June 30, 2007. RHJI also announced that the consulting agreement with Peter E. Berger, which was scheduled to terminate on February 1, 2007, will now terminate effective November 30, 2006. After their transition, the duties of these individuals and Mr. Hendren will be assumed by existing professionals and several recently announced new executives including Messrs Richard Shirrefs, Hideki Kurashige and Ryuichi Tomimura.
About RHJ International:
RHJ International (Euronext: RHJI) is a limited liability company organized under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring interests in businesses in attractive industries in Japan and elsewhere. For further information visit: www.rhji.com.
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