MIDLAND, Mich., April 23 /PRNewswire-FirstCall/ -- At the Annual Meeting
of Shareholders of Chemical Financial Corporation (Nasdaq: CHFC) held on April
19, 2004, Aloysius J. Oliver announced his intent to retire from the position
of chairman of the board of directors effective May 1, 2004. Mr. Oliver will
continue to serve as a member of the boards of directors of both Chemical
Financial Corporation and Chemical Bank and Trust Company. In January 1997,
Mr. Oliver was named President and Chief Executive Officer of Chemical
Financial Corporation and served until his retirement from that position on
December 31, 2001. On January 1, 2002, he became non-executive chairman of
the board of Chemical Financial Corporation.
Frank P. Popoff, an independent director, has been named and elected Mr.
Oliver's successor and will begin serving as Chairman, effective May 1, 2004.
The change in chairmanship comes in conjunction with recommended corporate
governance practices following the Sarbanes-Oxley Act of 2002. Good
governance practices suggest that publicly traded companies either have an
independent director serve as chairman or designate an independent director to
be titled "lead director."
Mr. Popoff is the retired Chairman of the Board of Directors of The Dow
Chemical Company, a position he held from 1992 until November 2000. Mr.
Popoff joined The Dow Chemical Company in 1959 and served in senior positions
in sales, marketing, operations and business management, including
responsibilities for international areas of the company. He served as Chief
Executive Officer of the company from 1987 until 1995. Mr. Popoff has been a
member of the Chemical Bank and Trust Company Board of Directors since 1985
and joined the Board of Chemical Financial Corporation in February 1989. He
is currently a member of Chemical Financial Corporation's Audit Committee,
Corporate Governance and Nominating Committee, Pension Committee and
Compensation Committee. Mr. Popoff's vast experience and exposure to
corporate governance practices will allow for a smooth transition in
chairmanship of the Company.
Chemical Financial Corporation is the fourth largest bank holding company
headquartered in Michigan. The Company's four subsidiary banks operate 133
banking offices and 2 loan production offices spread over 33 counties in the
lower peninsula of Michigan.
Chemical Financial Corporation common stock trades on the Nasdaq Stock
Market under the symbol "CHFC".
SOURCE Chemical Financial Corporation
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Related links:
http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/comp/157448.html
CONTACT:
David B. Ramaker of Chemical Financial
Corporation, +1-989-839-5269
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