SIOUX CITY, Iowa, April 26 /PRNewswire/ --
Terra Industries Inc. (NYSE: TRA) announced today at its annual
shareholders meeting that Burton M. Joyce is retiring as President & CEO and
will be succeeded by Michael L. Bennett, currently Executive Vice President &
Chief Operating Officer, effectively immediately. Joyce will continue as a
director and was named Vice Chairman. Joyce (age 59) will also remain as
Chairman of Terra Nitrogen Corporation, the general partner for Terra Nitrogen
Company, L.P. and will advise Terra Industries on strategic and other matters.
Bennett (age 47) has been with Terra since 1973. He began his career with
Terra as an operator at the Port Neal, Iowa, plant and has held positions in
manufacturing, sales, marketing and distribution management before being
appointed Executive Vice President & Chief Operating Officer in March 1997.
Commenting on the change, Joyce said, "I have been president & CEO for the
past 10 years and I have had the privilege of leading Terra through a number
of major changes. During that time we moved the Company's headquarters to
Sioux City, Iowa, divested the non-agriculture businesses and changed the name
to Terra Industries Inc to reflect its new focus.
"In 1991, we operated two nitrogen plants and a distribution business.
Ten years later we operate eight nitrogen manufacturing facilities and two
methanol plants in three countries. In recent years we developed a great team
and it is now time to let them run the business. The Board and I have been
working toward this change for over a year and we have every confidence that
Mike Bennett will do a fine job at the helm of Terra."
In addition to his work at Terra, Bennett serves on the Executive
Committees of the Board of Directors of the Siouxland Chamber of Commerce and
The Fertilizer Institute. He and his wife Sue, a retirement home social
worker and administrator, have a daughter Elizabeth and a son Michael.
In a separate move, William R. Loomis, a director and non-executive
Chairman of the Board since 1996, resigned as Chairman but will remain on the
Board of Directors. He will be succeeded by Henry (Hank) R. Slack, a director
since 1983. Mr. Slack (age 51) is the Chairman of Task (USA) Inc. and the
former Chief Executive of Minorco, a Luxembourg based company that owned
56 percent of Terra for many years. In 1999, Minorco merged with Anglo
American plc, which continues to own 49.5 percent of Terra.
Terra Industries Inc., with 2000 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, and by fax at no charge by calling
800-758-5804, code 437906.
Company News On-Call: http://www.prnewswire.com/comp/437906.html or
fax, 800-758-5804, ext. 437906.
SOURCE Terra Industries, Inc.
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Related links:
http://www.terraindustries.com
Company News On-Call:
http://www.prnewswire.com/comp/437906.html or fax,
800-758-5804, ext. 437906
CONTACT:
Mark Rosenbury for Terra Industries, Inc.,
712-279-8756
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