Five Directors to Retire at Annual Meeting
SIOUX CITY, Iowa, March 12 /PRNewswire-FirstCall/ -- Five members of Terra
Industries Inc.'s (NYSE: TRA) board of directors have announced plans to
retire at Terra's May 6, 2003, annual meeting. The retiring board members
are:
-- Edward G. Beimfohr, 70, a partner in the New York law firm Windels,
Marx, Lane and Mittendorf LLP. Mr. Beimfohr has been a member of
Terra's board of directors since 1994.
-- Edward M. Carson, 73, Chairman of the Board and Chief Executive Officer
of First Interstate Bancorp (retired). Mr. Carson joined Terra's board
of directors in 1983.
-- Burton M. Joyce, 61, Vice Chairman of the Board of Terra Industries
Inc. Mr. Joyce has been a Terra director since 1986 and served as
Terra's Chief Executive Officer from 1991 to 2001.
-- William R. Loomis, Jr., 54, Limited Managing Director of Lazard, LLC.
Mr. Loomis joined Terra's board of directors in 1996 and served as
Chairman of the Board from 1996 to 2001.
-- John R. Norton III, 73, Chairman and CEO of J.R. Norton Company. Mr.
Norton joined Terra's board of directors in 1993. He served as U.S.
Deputy Secretary of Agriculture in 1985 and 1986 during the Reagan
Administration.
"These retirements mark the end of five long and distinguished tenures on
Terra's board of directors," said board chairman Hank Slack. "We will miss
our friends who have served our company so long and so well. I know I speak
for all shareholders in saying that we are enormously grateful to each of
them.
"Looking forward, these retirements provide Terra with an opportunity to
reduce the size of its board and to begin positioning itself to comply with
director independence requirements anticipated from the New York Stock
Exchange," said Slack.
With the five retirements, and the recent board nomination of Dod A.
Fraser reported in a separate news release, Terra's current eleven-member
board will be reduced to seven members.
"This change is in keeping with recent trends toward smaller, more
concentrated boards," said Slack.
Terra's slate of directors for election at its May 6, 2003 annual meeting
will be Michael L. Bennett, President and Chief Executive Officer of Terra
Industries; Eric K. Diack, Executive Vice President - Finance, Anglo
Industries; David E. Fisher, a private investor; Dod A. Fraser, President,
Sackett Partners Incorporated; Martha O. Hesse, President and Chief Executive
Officer, Hesse Gas Company; Ben L. Keisler, Executive Vice President, General
Counsel, Anglo American plc; and Henry R. Slack, Chairman of the Board. Except
for Mr. Fraser, all are currently members of Terra's board of directors.
Terra Industries Inc., with 2002 revenues of $1 billion, is a leading
international producer of nitrogen products and methanol.
Note: Terra Industries' news announcements are also available on its web
site, http://www.terraindustries.com .
SOURCE Terra Industries Inc.
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