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Exhibit 99.1
BFGOODRICH NEWS
THE BFGOODRICH COMPANY PR00-0035
4 Coliseum Centre Contact: Kevin Ramundo
2730 West Tyvola Road Phone: 704/423-7024
Charlotte, North Carolina 28217-4578 Fax: 704/423-7127
www.bfgoodrich.com
FOR IMMEDIATE RELEASE
BFGOODRICH ANNOUNCES CFO SUCCESSION
- LAURENCE CHAPMAN TO REMAIN THROUGH YEAR-END WHILE RICK SCHMIDT ASSUMES
NEW RESPONSIBILITIES
CHARLOTTE, NC, August 9, 2000 - The BFGoodrich Company (NYSE:GR) announced today
that Laurence Chapman, Senior Vice President and Chief Financial Officer, has
decided to leave the company and that Ulrich (Rick) Schmidt, currently Vice
President of Finance and Business Development for the company's Aerospace
segment, will succeed him. Mr. Chapman, who has decided to leave so he can spend
more time with his family, will remain with the company through year-end to
facilitate a smooth transition, with a particular focus on the timely completion
of the company's divestiture of its Performance Materials business and the
effective redeployment of the proceeds. In his new role, which becomes official
on October 1, Mr. Schmidt will report to David Burner, BFGoodrich's Chairman and
Chief Executive Officer as an elected company officer.
In commenting on the change in leadership, Mr. Burner said, "Our company is
fortunate to have an experienced financial executive of Rick's caliber to
succeed Laurence. In addition to several previous CFO positions, Rick has been a
key member of the Aerospace segment management team that has propelled our
company to five consecutive years of record profits. Given the five-month
overlap period, the strength of our finance organization and our intent to
continue the company's current financial strategies, I am confident that there
will be a smooth transition." Burner added, "Our entire management team deeply
appreciates the contributions that Laurence has made as CFO. He has been
particularly effective in helping us develop and adopt financial strategies
which focus on our ongoing and primary objective of creating value for our
shareholders."
Mr. Schmidt, 50, joined BFGoodrich in 1994 as Vice President of Finance after
spending the previous eight years in CFO positions at Robertshaw Controls,
Everest and Jennings, a
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BFGOODRICH NEWS
manufacturer of medical equipment, and ArgoTech, a leading supplier of aircraft
fuel pumps, where he also served as a member of the board of directors. Earlier
in his career, Mr. Schmidt held a variety of finance and strategic planning
positions at TRW.
Mr. Chapman, 51, joined BFGoodrich as part of its December 1997 merger with
Rohr, Inc. and became Senior Vice President and CFO in March 1999. In addition
to serving as Senior Vice President and Chief Financial Officer from 1994
through 1997 at Rohr, and in a similar capacity from 1997-1999 at BFGoodrich,
Mr. Chapman held senior positions in corporate finance and corporate planning at
Westinghouse Electric Company from 1981 through 1994.
The BFGoodrich Company, headquartered in Charlotte, North Carolina, has leading
market positions in advanced aerospace systems, performance materials, and
engineered industrial products. The company has $5.5 billion in annual revenues
and 27,000 employees worldwide.
