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EXHIBIT 99.1
News Release
EDWARD F. DEGRAAN NAMED ACTING CHIEF EXECUTIVE OFFICER
October 19, 2000
Boston -- The Gillette Company Board of Directors has named Edward F. DeGraan,
57, currently president and chief operating officer, to be acting chief
executive officer, effective immediately. The Board also has named Richard R.
Pivirotto, 70, the senior director of the Company, to be non-executive chairman
of the board, effective immediately.
Michael C. Hawley, 62, currently chairman of the Board and chief executive
officer, has relinquished his responsibilities immediately and will retire from
the Company.
"The Board unanimously believes this change in management is in the best
interest of the Company's shareholders," said Mr. Warren E. Buffett, chairman of
the executive committee of the Board of Directors. "We are grateful for Mike's
long and distinguished career. His leadership and many contributions, for more
than three decades, have served the Company well."
The Company will conduct an extensive internal and external search to fill the
position of chairman and chief executive officer on a permanent basis.
Mr. Hawley, who joined Gillette in 1961, was elected Chairman of the Board and
Chief Executive Officer in April 1999. Under his leadership as chairman, the
Company refocused its product portfolio by placing the vast majority of
resources on three core businesses. He also successfully implemented an
aggressive company-wide reorganization and realignment program.
Edward F. DeGraan joined Gillette in 1968 and has served in a variety of
manufacturing, technical, marketing and general management positions in nearly
all of the Company's core businesses. As president and chief operating officer,
Mr. DeGraan has been responsible for the management of all product lines
worldwide.
Richard R. Pivirotto, former chairman of the Associated Dry Goods Corporation,
is president of Richard R. Pivirotto Co., Inc., a management consulting firm. He
is a director of General American Investors Company, Inc., Immunomedics, Inc.,
New York Life Insurance Company, and The Greenwich Bank & Trust Company. He has
served on The Gillette Company's Board of Directors since 1980.
Headquartered in Boston, Mass., The Gillette Company is the world leader in male
grooming, a category that includes blades, razors and shaving preparations.
Gillette also holds the number one position worldwide in selected female
grooming products, such as wet shaving products and hair epilation devices. In
addition, the Company is the world leader in alkaline batteries, toothbrushes
and oral care appliances.
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