• Puerto Rican Cement Chairman to Retire
SAN JUAN, Puerto Rico--March 1, 2001--Puerto Rican Cement Company Inc. (NYSE:PRN) announced that Mr. Antonio Luis Ferre would retire as Chairman of the Board of Puerto Rican Cement Company, Inc. after 44 years of service to the company. Mr. Ferre's retirement will be effective May 2, 2001 at the Annual Stockholders Meeting.Also at the regular meeting of the Board of the Company, the nominations of Mr. Miguel A. Nazario as Chairman of the Board of Directors and Antonio L. Ferre Rangel as President of the company were approved. These nominations will be voted on May 2, 2001 at the Board's meeting subsequent to the Annual Stockholders Meeting at the company's home office in Guaynabo, Puerto Rico.
In addition, the Company announced that, Mrs. Maria Lorenza Ferre Rangel will be included in the proxy statement for the upcoming Annual Stockholders Meeting as nominee for Class III director to fill the vacancy created upon the retirement of Mr.Ferre.
Explaining the reason for his retirement, Ferre said, "It is part of the transition process of positions which I hold in various companies that are being transferred to my children and other executives. In the case of Puerto Rican Cement, towards Miguel Nazario and Antonio L. Ferre Rangel. More important, he added, both Mr. Ferre Rangel and Mr. Nazario have earned these positions at Puerto Rican Cement by their great efforts during the past several years."
In addition, Ferre stated that: "With Mr. Miguel Nazario as Chairman of the Board, a respected excellent administrator, and Antonio Luis Ferre as President , with his strong operations experience and strategic planning capacity, Puerto Rican Cement will be in excellent hands.
"I am sure that both Miguel as well as Antonio Luis, will receive from all the officers and employees of the company the same support given to me during the past four decades and which helped make our company a leader in the cement industry and one of the most important enterprises in Puerto Rico." stated Ferre.
In a joint statement, Nazario and Ferre Rangel said: "We will continue with our plans to strengthen our presence in Puerto Rico and at the same time develop new initiatives that will permit us to reach other opportunities outside of the Island. Puerto Rican Cement has an excellent and dedicated team of employees devoted to the success of the company. It is this team that will continue to produce high quality products backed by an excellent service to our customers."
Ferre began working for Puerto Rican Cement in 1957 and was initially assigned to the quarry in Ponce. Subsequently, he occupied various positions within the company until he was named Chairman of the Board of Directors in 1980. Ferre will remain as a consultant to the company.
Nazario was named President and Chief Executive Officer of Puerto Rican Cement in January 1995. He is a graduate of Business Administration from the University of Puerto Rico. He worked with important companies, among them Westinghouse, Libby's and Digital. He is a former President of the Manufacturers Association of Puerto Rico.
The new President of Puerto Rican Cement, Ferre Rangel, has worked for the company for the past nine years. He began as assistant to the Manager of the plant in Ponce in 1992, after finishing his postgraduate courses at Suffolk University in Boston, where he obtained a Master's Degree in Business Administration. In 1996, he assumed the position of Vice President of Strategic Planning, a position he held until 1998 when he was promoted to Executive Vice President and a year later to Senior Corporate Vice President. Ferre is member of the Board of Directors of "El Nuevo Dia," of the commercial printer Advanced Graphic Printing, a trustee of the University of Sagrado Corazon and Vice President of the Board of Directors of the Centros Sor Isolina Ferre.
Mrs. Maria Lorenza Ferre Rangel is director of Sales and Corporate Marketing of Grupo Ferre Rangel, since mid February. Prior to this she was Assistant General Manager of "Primera Hora", a major newspaper, and coordinated the marketing aspect of this newspaper plus the development of the office building project of City View Plaza.
Puerto Rican Cement Company, Inc. produces cement and related products, including Portland Gray cement and hydrated lime, concrete, multiwall paper bags, polypropylene bags and engages in realty operations.
