William H. Joyce Named Chief Executive Officer of Hercules
09-May-2001
Hercules Incorporated (NYSE: HPC) announced today that the Board
of Directors has named William H. Joyce as Chief Executive Officer and a member of the Board,
effective immediately. Dr. Joyce was most recently Chairman, President, and Chief Executive Officer of
Union Carbide Corporation. On July 1, 2001, Dr. Joyce will also become Chairman of the Board. He
succeeds Thomas L. Gossage, who returned from retirement last fall at the request of the Board to
serve as Chairman and CEO on an interim basis.
Mr. Gossage will continue to focus his efforts on the previously announced strategic process to merge
or sell the Company and its businesses. Mr. Gossage will serve as Chairman of the Board in a
non-employee capacity until July 1, 2001, and is currently expected to remain a member of the Board
for as long thereafter as he is needed in the strategic process.
"Bill Joyce is uniquely qualified to lead Hercules at this time. He brings with him a wealth of experience
and success in the turnaround and recent sale of Union Carbide," said Edith E. Holiday, an outside
director who is Chairman of the Board's Nominating Committee. "The Board believes Bill's insight and
determination combined with his proven track record for delivering shareholder value make him ideally
suited to lead Hercules."
"I am very pleased to join Hercules and look forward to rebuilding shareholder value," said Joyce.
Gossage added, "We welcome Bill's strong leadership and team building skills and his proven ability to
operate chemical businesses. I also welcome Bill's experience as we proceed with our process to
merge or sell the Company and its businesses."
Dr. Joyce joins Hercules after a distinguished career with Union Carbide, in which he served in a number
of management and executive management positions. He became Chief Operating Officer in 1992,
President in 1993 and in 1995 was named CEO. In 1996, he also became the Chairman of the Board.
He stepped down as Chairman, CEO and President of Union Carbide when it merged with The Dow
Chemical Company earlier this year.
Dr. Joyce holds a B.S. degree in chemical engineering from Penn State University and a MBA and PhD
from New York University.
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