EASTMAN: two senior executives to retire in company split

----- Forwarded by Suzanne Nimocks/HOU/NorthAmerica/MCKINSEY on 06/06/2001
12:01 PM -----

Thomas Seitz
06/06/2001 To: douglas.s.friedman@enron.com
08:33 AM cc: Ron

Hulme/HOU/NorthAmerica/MCKINSEY@MCKINSEY, Suzanne
Nimocks, Eric

Bradley/HOU/NorthAmerica/MCKINSEY@McKinsey
Subject: EASTMAN: two senior
executives to
retire in company split

FYI

Eastman has announced senior executives for the two new companies. Looks
like Chitwood will no longer be involved, and Rothwell has a new team.

----- Forwarded by Khush Nariman/HOU/NorthAmerica/MCKINSEY on 06/06/2001
08:08 AM -----
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Wednesday, June 6, 2001
Source: Associated Press Leased Line

Two senior executives to retire in company split

KINGSPORT, Tenn. (AP) _ Two senior executives will retire as part of a
management restructuring at Eastman Chemical Co. coinciding with the
division of the chemical and plastics giant into two separate companies by
year's end.

Eastman Chairman and CEO Earnest Deavenport Jr. said Tuesday that Dr. James
L. Chitwood and Garland S. Williamson will follow him into retirement on
Dec. 31.

That is the date Eastman Chemical has set for its tax-free spinoff into two
companies _ a specialty chemicals, coatings and adhesives company called
Eastman Co., and a plastics and acetate fibers commodities company yet to
be named.

Chitwood, 58, is senior vice president for corporate strategy and chief
technology officer. Williamson, 57, is senior vice president for worldwide
operations and chief health, safety and environmental officer.

Chitwood has worked for Eastman for 33 years; Williamson for 34 years.
Deavenport cited Chitwood's contributions to research and development and
Williamson's efforts to reduce costs.

"We very much appreciate the contributions these two executives have made
to Eastman," Deavenport said.

Brian Ferguson, who will head the new Eastman Co., said his management team
will include: Betty DeVinney, 56, senior vice president for human resources
and communications; Theresa Lee, 48, senior vice president and general
counsel; Roger Mowen, 55, senior vice president for e-commerce and
marketing, and James Rogers, 50, chief operating and financial officer.

Allan Rothwell, who be CEO of the new plastics spinoff, said David Cotey,
44, will be vice president and general counsel; Richard Johnson, 52, group
vice president for fibers; Fielding Rolston, 60, senior vice president of
human resources; Thomas Smith, 57, group vice president for plastics, and
Albert Wargo, 47, vice president, chief financial officer and treasurer.

Based in Kingsport, Eastman has about 15,000 employees in 30 countries and
2000 sales of $5.3 billion.

Its stock price closed on the New York Stock Exchange at $51.17 Tuesday, up
38 cents.

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