Hey Foxy, looks like the shareholders like this
Gillette chairman abruptly resigns
BOSTON, Oct 19 (Reuters) - Gillette Co. (NYSE:G - news), which has posted disappointing results during the past year, abruptly removed its top executive on Thursday, saying Chairman Michael Hawley, a 40-year veteran of the company, had relinquished his duties immediately.
Hawley, 62, who also served as Gillette's chief executive, will be replaced by two men. Gillette President Edward DeGrann, 57, was named acting chief executive officer and Richard R. Pivirotto, 70, was named non-executive chairman of the board.
``The board unanimously believes this change in management is in the best interest of company shareholders,'' said Warren Buffett, a Gillette board member and one of the company's largest shareholders. ``We are grateful for Mike's long and distinguished career.''
Gillette, the maker of batteries, razors and toothbrushes, has posted disappointing results during the past year as it struggled with foreign currency woes and restructuring moves. |
