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NEWS THOMAS & BETTS CORPORATION
8155 T&B Boulevard
Memphis, TN 38125
(901) 252-5962
[THOMAS & BETTS LOGO]
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FOR IMMEDIATE RELEASE CONTACT: Tricia Bergeron
(901) 252-8266
[email protected]
THOMAS & BETTS BOARD ELECTS KEVIN DUNNIGAN CHAIRMAN
AND CHIEF EXECUTIVE OFFICER
Clyde R. Moore Resigns
Company Postpones Release of Second Quarter 2000 Earnings Until Filing of
Form 10-Q
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MEMPHIS, TENN. (AUGUST 9, 2000) - The Board of Directors of Thomas & Betts
Corporation (NYSE:TNB) today announced that it has elected T. Kevin Dunnigan
chairman and chief executive officer. Dunnigan replaces Clyde R. Moore, who
resigned today. The appointment is effective immediately. Dunnigan is currently
a director of the company and previously served as the company's chairman from
1992 to May, 2000, its CEO from 1985 to 1997, its chief operating officer from
1980 to 1985, and in a variety of management positions from 1974 to 1985.
Dunnigan, 62, serves on the board of directors of C. R. Bard, Inc. and
PROMACH, Inc. He is a graduate of Loyola University of Montreal, Quebec.
"Thomas & Betts has a legacy of leadership in electrical and communications
markets," said Dunnigan. "Unfortunately, we have faced significant challenges
over the past couple of years which led to disappointing financial results. We
are in the process of aggressively addressing the key issues facing the
company."
"Fundamentally, we have great people, great products, and, I believe, great
prospects," Dunnigan continued. "The changes we have announced today are in the
best interests of our shareholders, customers and employees and will move the
company forward."
The company also announced that it would report second quarter 2000
earnings in conjunction with the company's filing of the second quarter Form
10-Q. This is in lieu of the company's originally scheduled release date of
August 10, 2000.
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On June 19, Thomas & Betts said that it expects second quarter earnings to
be significantly below the current analyst consensus of $.74 per share,
excluding an anticipated gain on the sale of the company's electronics OEM
business. At that time, the company also said that it was in the process of
reviewing and enhancing controls to address issues in accounts receivables,
inventory, and other functions.
Thomas & Betts is one of the world's leading designer and manufacturer of
electrical connectors and components for worldwide electrical and electronic
markets. Headquartered in Memphis, Tenn., the company has manufacturing,
distribution, and office facilities worldwide. In 1999, Thomas & Betts reported
sales of $2.52 billion and diluted earnings per share of $2.56.
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THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO MANY
UNCERTAINTIES IN THE COMPANY'S OPERATIONS AND BUSINESS ENVIRONMENT. SUCH
UNCERTAINTIES, WHICH ARE DISCUSSED FURTHER IN THE COMPANY'S QUARTERLY FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION, MAY CAUSE THE ACTUAL RESULTS
OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS
EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.
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