NAPERVILLE, Ill., Nov. 2, 2007 (PRIME NEWSWIRE) -- Nalco Holding Company (NYSE:NLC) today announced that Dr. William H. Joyce, 71, has stated his intention to retire as Chairman and Chief Executive Officer on December 30, 2007. Dr. Joyce has agreed to assist with the succession and transition process through March 31, 2008. A Board committee of independent directors has been formed to select his successor and expects to complete its process in the coming months.
"Nalco is a terrific company, filled with great people, great technology and commitment to its customers. I have thoroughly enjoyed my time at Nalco and believe we have accomplished a great deal together for our customers, for shareholders, for our employees and for the world around us," Dr. Joyce said. "We will work hard in these coming months to bring a strong conclusion to the year and to provide my successor with a running start in 2008."
Nalco also announced that it had entered into an amended employment and consulting agreement with Dr. Joyce. Under the agreement he will receive $12 million of restricted Company shares to compensate him for his current services, services during the transition period to a new Chief Executive Officer, non-compete and other post-retirement covenants and releases - including a release related to a disagreement on prior compensation commitments. These non-cash payments will not affect Adjusted EBITDA, which is used to determine compliance with debt covenants. The share awards will result in a non-cash charge to earnings per share of $0.05 in the fourth quarter of 2007. Further detail on Dr. Joyce's retirement will be available in an 8-K to be filed by the Company today.
About Nalco
Nalco is the world's leading water treatment and process improvement company, delivering significant environmental, social and economic performance benefits to our customers. We help our customers reduce energy, water and other natural resource consumption, minimize their environmental releases and improve their productivity and end products while improving their bottom line. More than 11,000 Nalco employees operate in 130 countries supported by a comprehensive network of manufacturing facilities, sales offices and research centers to serve a broad range of end markets. In 2006, Nalco achieved sales of more than $3.6 billion. For more information visit www.nalco.com.
This news release includes forward-looking statements, reflecting current analysis and expectations, based on what are believed to be reasonable assumptions. Forward-looking statements may involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from those projected, stated or implied, depending on many factors, including, without limitation: ability to generate cash, ability to raise capital, ability to refinance, the result of the pursuit of strategic alternatives, ability to execute work process redesign and reduce costs, ability to execute price increases, business climate, business performance, economic and competitive uncertainties, higher manufacturing costs, reduced level of customer orders, changes in strategies, risks in developing new products and technologies, environmental and safety regulations and clean-up costs, foreign exchange rates, the impact of changes in the regulation or value of pension fund assets and liabilities, changes in generally accepted accounting principles, adverse legal and regulatory developments, including increases in the number or financial exposures of claims, lawsuits, settlements or judgments, or the inability to eliminate or reduce such financial exposures by collecting indemnity payments from insurers, the impact of increased accruals and reserves for such exposures, weather-related factors, and adverse changes in economic and political climates around the world, including terrorism and international hostilities, and other risk factors identified by the Company. Accordingly, there can be no assurance that the Company will meet future results, performance or achievements expressed or implied by such forward-looking statements. This paragraph is included to provide safe harbor for forward-looking statements, which are not generally required to be publicly revised as circumstances change, and which the Company does not intend to update.