Gillette Announces Changes to Board of Directors
Mar 14, 2003
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The Gillette Company announced the appointment and nomination of two new Board members. Fred H. Langhammer, CEO and president of
The Estee Lauder Companies Inc., was appointed to serve the final 2 years of the 3-year term of Warren E. Buffett. Mr. Buffett had previously announced that he would leave the Gillette Board at its Annual Meeting in May to devote more time to his Berkshire Hathaway business interests.
Roger K. Deromedi,Co-CEO of Kraft Foods Inc. and pesident
and CEO of Kraft Foods International, has been nominated to succeed Richard R. Pivirotto, who will not stand for
re-election this year, having reached the mandatory retirement age for directors.
In addition to Mr. Deromedi, incumbent directors Dennis F.
Hightower, Herbert H. Jacobi, and Nancy J. Karch also are nominated for election to 3-year terms at the 2003 Annual Meeting of Stockholders.
The Company noted that in light of Mr. Buffett's planned departure from the Board, Gillette and Berkshire Hathaway have amended their 1989 agreement. Under the revised agreement, Berkshire Hathaway will no longer have a director position on the Gillette Board, and Gillette will retain a modified right of first offer on any shares Berkshire Hathaway may sell in the future. Both Gillette and Berkshire Hathaway noted that the amendments to the agreement are not based on any planned transaction by Berkshire Hathaway.
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