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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 1997
Commission file number 1-977
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WESTINGHOUSE ELECTRIC CORPORATION
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(Exact name of registrant as
specified in its charter)
PENNSYLVANIA 25-0877540
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(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
Westinghouse Building, 11 Stanwix Street, Pittsburgh, Pennsylvania 15222-1384
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(Address of principal executive offices; zip code)
(412) 244-2000
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(Registrant's Telephone No., including area code)
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Item 5. Other Events
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On May 30, 1997, the Registrant issued a press release announcing
that Dr. Ernest H. Drew will become Chief Executive Officer of Westinghouse's
Industries and Technology Group. A copy of the press release is attached
hereto as Exhibit 99 and is incorporated herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Press Release issued by the Registrant on May 30, 1997, is filed
as Exhibit 99 to this Report
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTINGHOUSE ELECTRIC CORPORATION
(Registrant)
By: /s/ LOUIS J. BRISKMAN
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Louis J. Briskman
Senior Vice President and
General Counsel
Date: May 30, 1997
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EXHIBIT INDEX
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Exhibit No. Description Sequential Page No.
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<S> <C> <C>
99 Press Release
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Exhibit 99
[LOGO]
WESTINGHOUSE PUBLIC RELATIONS
CONTACTS: WESTINGHOUSE HOECHST AG
KEVIN J. RAMUNDO DR. HANS-BERND HEIER
(412) 642-4989 011-49-69-305-7112
ERNEST DREW, HOECHST SENIOR EXECUTIVE,
TO BE CEO OF WESTINGHOUSE'S INDUSTRIAL UNIT
o MAJOR MILESTONE IN PREPARATION FOR WESTINGHOUSE SPIN-OFF
o EXPERIENCED GLOBAL EXECUTIVE TO HEAD NEW INDUSTRIAL COMPANY
o STRONG WESTINGHOUSE OPERATING MANAGEMENT TEAM IN PLACE
PITTSBURGH, May 30, 1997 - Westinghouse Electric Corporation (NYSE: WX)
announced today that Dr. Ernest H. Drew, a member of the eight-person senior
executive management team at Hoechst AG, will become chief executive officer of
Westinghouse's Industrial and Technology Group, effective July 1. Dr. Drew will
become the president and chief executive officer of the Westinghouse Electric
Company, the corporation that will be formed from the planned spin-off of the
industrial businesses to shareholders this fall.
Since January 1995, Dr. Drew has served as a Member of the Hoechst Board of
Management. As Chairman of the Board's Strategy Committee, Dr. Drew played a
leading role in reshaping the company's portfolio, transforming its organization
and culture, and presenting the benefits of those changes to the investment
community. During the two-year period ending in December 1996, his efforts
helped drive the market capitalization of the company from $12 billion to $28
billion.
As a Member of the Board, he also had responsibility for the company's
basic chemical and technical polymers businesses with total sales of
approximately $6 billion, and regional management of Hoechst business activities
in the Americas. Prior to joining the Board, Dr. Drew was president and chief
executive officer of Hoechst Celanese Corporation from 1988 until 1994. In
addition, he had regional responsibility for China, Hong Kong, Taiwan, and
Singapore for Hoechst AG.
Commenting on the announcement, Michael H. Jordan, chairman and chief
executive officer of Westinghouse Electric Corporation, said, "Ernie's strategic
business experience and financial skills fit perfectly with his new role,
particularly his ability to add value for shareholders of companies undergoing
major change. His appointment is a major milestone in preparation for the split
of Westinghouse into separate industrial and media companies."
Describing that experience, Mr. Jordan added, "His success at the most
senior level of the world's largest chemical and pharmaceutical concern makes
him an ideal choice to head a company that derives about half of its sales from
outside the United States. He has established a proven track record of leading
companies through successful transformations, focusing them to compete and win
in the toughest markets. Ernie's leadership will accelerate the positive changes
already underway to realize the full potential of the new Westinghouse Electric
Company for its customers, employees, and shareholders."
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Mr. Jordan added, "Over the past 18 months, we have rebuilt the operating
and staff management team of the industrial group by advancing our existing
Westinghouse leaders and attracting new management talent to the organization.
In particular, at the business units we have a core of very seasoned presidents
with over 100 years of experience with Westinghouse and the industries we serve.
With the addition of Ernie, we now have a very strong management team."
Looking ahead to his new position, Dr. Drew said, "I am confident about the
future of Westinghouse's industrial businesses and our ability to improve
performance for the benefit of our customers, employees and shareholders. We
will build on strong market and technology positions, drive international
growth, and incent managers and employees to achieve our goals. Westinghouse is
about to enter an exciting new era, and I am proud to be part of it."
Dr. Drew received his bachelor of science degree in chemistry at the
University of Georgia in 1958 and his Ph.D. in organic chemistry at the
University of Illinois in 1962. He served three years active duty in the Air
Force as a Nuclear Research Officer, attaining the rank of Captain. He currently
serves on the Boards of Public Service Enterprise Group (PSEG) and Thomas &
Betts Corporation.
Dr. Drew is heavily involved in educational activities, having been a
member of the Board of Trustees of Drew University, Hampton University, and the
Woodrow Wilson Foundation. He was also a member of President Bush's Commission
for Excellence in Education for Hispanic Americans. Dr. Drew's wife, Katy, and
son, Kevin, will be relocating with him to the Pittsburgh area.
The Westinghouse Industries and Technology Group provides technology-based
infrastructure products and services to utility, industrial and government
customers worldwide. The Group is composed of five businesses with strong market
positions in power generation, commercial nuclear power, government and
environmental services, transport temperature control and process control
systems. Later this year, Westinghouse Electric Corporation plans to separate
its media and industrial businesses to from CBS Corporation and Westinghouse
Electric Company, respectively.
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