Brendan Cummins as of January 1, 2008 CEO of Ciba Specialty Chemicals
ouble mandate to be dissolved by 2008: Armin Meyer to focus on his role as Chairman of the Board, Brendan Cummins to become CEO
Armin Meyer, Chairman of the Board and CEO: "The Board of Directors of Ciba specialty chemicals has decided to dissolve the double mandate as of January 1, 2008, following the successful implementation of the strategic transformation of the Company. Brendan Cummins, Chief Operating Officer since October 2005, is appointed as the new CEO. I will focus on my role as Chairman of the Board."
In agreement with members of the Executive Committee and three other senior managers, the Board of Directors of Ciba Specialty Chemicals has decided to cancel their retention agreements with immediate effect. They had been entitled to receive severance payments in the event of a change of control of the Company.
Kurt Feller (69), Vice-Chairman, will retire from the Board of Directors of Ciba Specialty Chemicals following the Annual General Meeting (AGM) on March 8, 2007.
At the AGM, the Board of Directors will propose the election of Prof. Dr. UtzHellmuth Felcht as a nonexecutive Director to the Board. Felcht is an independent business consultant with broad experience in the chemical industry, most recently as CEO of Degussa AG.
At its meeting after the AGM 2007, the Board of Directors plans to elect Beat Hess, Group Legal Director of Royal Dutch Shell and Member of the Board of Directors of Ciba Specialty Chemicals, as Vice-Chairman of the Board.
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