Koch Industries Announces Future Georgia-Pacific Leaders
ATLANTA / WICHITA, Kan. December 22, 2005 -- Koch Industries, Inc., announced today that Joseph W. Moeller will become president and chief executive officer of Georgia-Pacific Corp. (NYSE: GP) following the completion of Koch Forest Products, Inc.’s $21 billion acquisition of Georgia-Pacific. That completion is expected Friday.
“This is an exciting time to be an employee or customer of Georgia-Pacific, and I am honored to be leading the Georgia-Pacific team forward,” said Moeller, who has been with Koch companies for 40 years. “Georgia-Pacific’s talented employees have built a strong company, with world-class brands, businesses, assets and products. This is a foundation for growth which, combined with Koch Industries’ commitment to reinvestment and its unique philosophy and capabilities, will add up to a great future for Georgia-Pacific.”
Joining Moeller will be Bill Caffey, who will become Georgia-Pacific’s executive vice president, operations excellence and compliance.
“Joe’s tremendous leadership throughout his six years as president and chief operating officer gives us confidence he will deliver more of the same at Georgia-Pacific,” said Charles G. Koch, chairman and chief executive officer of Koch Industries. “In Bill’s 32 years with Koch, he has done an exemplary job of building our operations excellence capability. I am certain Joe and Bill, along with the outstanding Georgia-Pacific team, will continue Georgia-Pacific’s proud tradition.”
Moeller and Caffey will resign from the Koch Industries board of directors and will serve on the Georgia-Pacific board of directors that will be in place after the merger close. That board will be chaired by A.D. “Pete” Correll, formerly chief executive officer and chairman of the board, who will remain with Georgia-Pacific to assist in the transition. Lee Thomas, former Georgia-Pacific president and chief operating officer, will depart to pursue other opportunities.
Other board members include Charles Koch, who will be involved in the education and application of Market Based Management® throughout the organization; Richard Fink, executive vice president of Koch Industries, who will focus on legal and public affairs; Steve Feilmeier, executive vice president and chief financial officer of Koch Industries, who will bring expertise in transaction and financial excellence; John Pittenger, senior vice president of Koch Industries, who will provide strategic and marketing leadership; and Dale Gibbens, Koch Industries' vice president of human resources, who will assist with strategic human resource issues.
The remainder of the Georgia-Pacific senior management team will be composed of current Georgia-Pacific leaders and a small number of additional team members from other Koch companies. That full team is expected to be finalized and announced to employees in early January.
Moeller previously served as president and chief operating officer of Koch Industries. Prior to becoming Koch Industries’ president and chief operating officer in 1999, Moeller held positions of increasing responsibility, beginning in gasoline marketing, moving to the company’s petroleum trading business, working his way up to vice president of Koch Industries’ refined products group, president of Koch Industries International and president of Koch Ventures, Inc. Moeller was elected to the Koch Industries board of directors in 1987.
Caffey was most recently an executive vice president of Koch Industries, overseeing operations excellence and compliance programs. Caffey has led operations excellence since 1992 in a variety of positions including vice president of transportation and operations, senior vice president of the operations group, and executive vice president of the operations group. Before these senior management roles, Caffey was president of both Koch Pipeline, Inc., and Koch Gathering Systems, Inc. Caffey was elected to the Koch Industries board of directors in 1997. He joined Koch in 1973.
Georgia-Pacific will retain its name and operate from its Atlanta headquarters as a privately held, indirect wholly owned subsidiary of Koch Industries.
Koch Industries, Inc., based in Wichita, Kan., (www.kochind.com) owns a diverse group of companies engaged in trading, operations and investments worldwide, including a presence in 50 countries in such core industries as trading, petroleum, chemicals, energy, fibers, resins, fertilizers, pulp and paper, ranching, securities and finance.
Headquartered at Atlanta, Georgia-Pacific is one of the world’s leading manufacturers and marketers of tissue, packaging, paper, building products and related chemicals. With 2004 annual sales of approximately $20 billion, the company employs 55,000 people at more than 300 locations in North America and Europe. Its familiar consumer tissue brands include Quilted Northern®, Angel Soft®, Brawny®, Sparkle®, Soft 'n Gentle®, Mardi Gras®, So-Dri® and Vanity Fair®, as well as the Dixie® brand of disposable cups, plates and cutlery. Georgia-Pacific’s building products manufacturing business has long been among the nation’s leading suppliers of building products to lumber and building materials dealers and large do-it-yourself warehouse retailers. For more information, visit www.gp.com.
|FORWARD-LOOKING STATEMENTS: Any statements made regarding the proposed transaction between Koch Industries, Inc. and Georgia-Pacific Corporation, the future performance of Georgia-Pacific as a wholly owned subsidiary of Koch Industries, and any other statements contained in this news release that are not purely historical fact are forward-looking statements that are based on management’s beliefs, certain assumptions and current expectations. These statements may be identified by their use of forward-looking terminology such as the words “expects,” “projects,” “anticipates,” “intends” and other similar words. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, general economic, business and market conditions and the satisfaction of the conditions to closing of the proposed transaction. For a more complete discussion of certain of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, please see the discussion of risks and uncertainties in the Georgia-Pacific 2004 10-K and other SEC filings.|