WARD RESIGNS FROM MAYTAG;
HADLEY APPOINTED INTERIM PRESIDENT & CEO
NEWTON, IOWA, November 9, 2000 Maytag Corporation (NYSE: MYG) today
announced that Lloyd D. Ward has resigned as its Chairman, Chief Executive
Officer and as a director. The resignation resulted from a difference with
the Board of Directors over the Company's strategic outlook and direction.
Mr. Ward said that under the circumstances it was in both his and the
Company's interests that he tender his resignation.
"Maytag is a great Company and franchise, "Mr. Ward said. "And, I
certainly wish them well."
"On behalf of the entire Maytag team, I would like to thank Lloyd Ward for
his dedication and effort over the past year, which has been a difficult
one for our industry and for Maytag," said Howard L. Clark, Jr., Chairman
of the Executive Committee. Mr. Ward joined Maytag in 1996.
In light of Mr. Ward's resignation, the Board has appointed Leonard A.
Hadley as President and Chief Executive Officer. Mr. Hadley will serve on
an interim basis while the Company begins a search to replace Mr. Ward.
Prior to his retirement in August 1999, Mr. Hadley served for seven years
as Chairman and Chief Executive Officer of Maytag, having joined the
Corporation in 1959.
Maytag Corporation is a leading producer of home and commercial products,
which are sold to customers in North America and international markets. The
Corporation's principal brands are Maytag, Hoover, Jenn-Air, Maytag
Performa, Magic Chef, Dynasty, Dixie-Narco, Blodgett, Pitco Frialator,
MagiKitchen, Blodgett Combi and Jade.<PAGE>
