Appliance maker Maytag Corporation announced that Lester Crown, a Maytag board member since 1989, resigned from the company's board of directors, effective Aug. 30, 2005. Crown resigned to fulfill other professional and personal obligations.
"I would like to thank Lester Crown for his many contributions to Maytag's board of directors and to the company's shareholders during the last 16 years," said Ralph Hake, Maytag's chairman and CEO. "We appreciate his support and commitment to the company throughout his tenure."
Crown, who currently serves as chairman of Material Service Corporation, said, "I have enjoyed the opportunity to be part of Maytag's board and to work with its directors and management in service to shareholders. However, now that we have reached a merger agreement, I have fulfilled my obligation to the shareholders and believe it is time for me to concentrate on other commitments."
Crown's current term would have expired in 2006. The Maytag board now has 10 members, all of whom are independent, except for Hake who also serves as its CEO.
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