Pioneer Announces That Board and McGovern Plan to Negotiate a New CEO Contract
March 19 2006 - 10:06AM
PR Newswire (US)
HOUSTON, March 19 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc.
(NASDAQ:PONR) today announced that the Board of Directors and
Michael Y. McGovern, the Company's Chairman, President and Chief
Executive Officer, plan to negotiate the terms of new arrangements
under which Mr. McGovern would continue his employment with
Pioneer. Assuming acceptable terms can be reached, Mr. McGovern
would continue in his current positions. In November 2005 Mr.
McGovern had expressed his desire to discontinue his employment by
the Company in 2006 after his successor had been identified. In
response to a unanimous request by the other members of the Board
that he reconsider his earlier decision, he advised the Board today
that he would like to promptly enter into negotiations for a new
contract. 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 last year. Mr. McGovern stated,
"I believe that Pioneer is a fine company, and I have great respect
for our management and employees. With the most difficult financial
issues that remained after our emergence from bankruptcy behind us
and now that the Company's financial health has improved
significantly, it is time to re-address Pioneer's future business
and strategy. I appreciate the Board's confidence in me to lead
Pioneer in this next exciting phase." 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, +1-713-570-3200 Web site:
http://www.piona.com/
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