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Hercules Incorporated
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WILLIAM H. JOYCE NAMED
CHIEF EXECUTIVE OFFICER OF HERCULES
Wilmington, DE, May 8, 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.
# # #
Hercules manufactures and markets chemical specialties globally for making a
variety of products for home, office and industrial markets. For more
information, visit the Hercules website at www.herc.com.
This news release includes forward-looking statements, as defined in the Private
Securities Litigation Reform Act of 1995, reflecting management's current
analysis and expectations, based on reasonable assumptions. Results could differ
materially depending on such factors as business climate, economic and
competitive uncertainties, failure to complete transactions, adverse legal and
regulatory developments, and adverse changes in economic and political climates
around the world. As appropriate, additional factors are contained in reports
filed with the Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date of this press release. This paragraph is included to provide safe
harbor for forward-looking statements, which are not required to be publicly
revised as circumstances change.
Investor Contact: Allen A. Spizzo (302) 594-6491
Media Contact: John S. Riley (302) 594-6025