Pioneer Announces That Michael McGovern Has Signed a New CEO Contract
May 03 2006 - 2:10PM
PR Newswire (US)
HOUSTON, May 3 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc.
(NASDAQ:PONR) today announced that Michael Y. McGovern, the
Company's Chairman, President and Chief Executive Officer, has
signed a new three-year employment agreement under which Mr.
McGovern will continue his employment with Pioneer in his current
positions. Mr. McGovern, who is 54, was named a director of Pioneer
when the Company emerged from bankruptcy on December 31, 2001. He
was elected President and Chief Executive Officer in September 2002
and became Chairman at the end of 2005. Richard L. Urbanowski, the
Chairman of the Governance and Compensation Committee of the board,
stated, "Mike McGovern has done an outstanding job over the past
three and one-half years leading Pioneer's turnaround from
bankruptcy to our outstanding performance last year. When the board
evaluated his skills and the challenges facing Pioneer in the
coming years, we felt that Mike was the best person to lead the
Company. The board and the other members of management are very
pleased that Mike will continue as the Company's Chief Executive
Officer and look forward to working with him as the Company
develops and implements its future strategic direction." Mr.
McGovern stated, "Now that the Company's financial health has
improved significantly since coming out of bankruptcy, we have both
challenges and opportunities that we will need to address to
continue the Company's success. I look forward to working with our
management team, employees and board as we work to continually
improve our core business and look for new opportunities." Pioneer,
based in Houston, manufactures chlorine, caustic soda, bleach,
hydrochloric acid and related products used in a variety of
applications, including water treatment, plastics, pulp and paper,
detergents, agricultural chemicals, pharmaceuticals and medical
disinfectants. Pioneer owns and operates four chlor-alkali plants
as well as other downstream manufacturing facilities in North
America. Certain statements in this news release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act. Forward- looking statements
relate to matters that are not historical facts. Such statements
involve risks and uncertainties, including, but not limited to, the
risks and uncertainties described in Pioneer's filings with the
Securities and Exchange Commission. Actual outcomes may vary
materially from those indicated by the forward-looking statements.
DATASOURCE: Pioneer Companies, Inc. CONTACT: Gary Pittman of
Pioneer Companies, Inc., +1-713-570-3200 Web site:
http://www.piona.com/
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