DALLAS, Dec. 15 /PRNewswire/ -- The Board of Directors of Global
Industrial Technologies, Inc. (NYSE: GIX), the Dallas-based manufacturing
company, announced today that Rawles Fulgham, Chairman of Global Industrial
Technologies who has been serving as acting President and Chief Executive
Officer since July 1998, was elected Chairman and Chief Executive Officer.
Graham L. Adelman, who was Senior Vice President and General Counsel, will
assume the role of President and Chief Operating Officer of the Company, and
was also elected as a member of the Board of Directors.
Global also announced that Alfred (Al) L. Williams, formerly Vice
President and Chief Financial Officer of Moorman Manufacturing Company, has
joined the company as Senior Vice President and Chief Financial Officer,
replacing Gary G. Garrison, who after thirty-four years of combined service to
Global and its predecessors, earlier expressed to management his desire to
retire at year end. Jeanette H. Quay, currently Global's Assistant General
Counsel, will become Vice President, General Counsel and Secretary.
"The Board believes that the management team appointed today has the
experience and talent, as well as the intimate knowledge of Global's
businesses, people and customers, that is required to move the company
forward," said Mr. Fulgham. "The Board has confirmed that the company's
strategic plan is on target and what is needed is effective implementation of
that plan. This top management team brings both the continuity and expertise
required to meet the opportunities and challenges that face us to put Global
back on course to creating value for our shareholders."
Mr. Fulgham, 71, who has been a director of Global since its inception in
1992, has served for the past six years as a senior advisor to the Investment
Banking Division of Merrill Lynch. Before joining Merrill Lynch in 1982, Mr.
Fulgham had a 28-year career with First National Bank in Dallas, rising to the
position of President and Co-Chief Executive Officer. Mr. Fulgham served at
the request of President Ronald Reagan as a member of the Executive Committee
of the Grace Commission, and received a Presidential Certificate of
Appreciation for his work on the task forces of the State Department, United
Nations, Agency for International Development and U.S. Information Agency.
He was graduated from Virginia Military Institute and Southern Methodist
University and served in the United States Marine Corps, attaining the rank of
Captain. He sits on the Boards of BancTec, Inc. and NCH Corporation, and was
a member for 22 years of the Board of Dresser Industries, Inc., which in 1992
spun off most of Global's businesses.
Mr. Adelman, 49, joined Global as Senior Vice President, General Counsel
and Secretary in 1995 and also serves as Chairman of the Company's Operations
Committee. Prior to joining Global, he worked for 17 years with The Western
Company of North America, where he was Senior Vice President, General Counsel
and Secretary and a member of the Board of Directors until its 1995 merger
with BJ Services. Before joining The Western Company he worked at FINA, Inc.
as Assistant Counsel, prior to which time he was a Federal law clerk. He is a
graduate of the University of Virginia and was a Magna Cum Laude graduate of
the University of Miami School of Law.
Mr. Williams, 54, has extensive experience in senior financial positions
in oil and gas and industrial businesses. He began his career at Exxon
Corporation, where he served in a number of increasingly responsible financial
management positions over the course of twelve years. After leaving Exxon in
1979, he worked for ten years with Tenneco, Inc., where he rose to the
position of Senior Vice President and Chief Financial Officer of Tenneco Gas
Company. In 1992, he joined United Gas Holding Corporation as Senior Vice
President and Chief Financial Officer of its United Gas Pipe Line subsidiary
and one year later was promoted to President and Chief Executive Officer of
the holding company. From 1994 to 1997 he served as Vice President of Finance
and Chief Financial Officer of Arcadian Corporation, the largest nitrogen
fertilizer and chemicals producer in the Western Hemisphere, with revenues of
$1.2 billion. Upon leaving, he served as Vice President and Chief Financial
Officer of Moorman Manufacturing, a large agribusiness company that was sold
earlier this year. He received both his undergraduate degree in accounting
and his Masters of Business Administration from Louisiana State University,
and is a Certified Public Accountant.
Ms. Quay, 44, joined Global as Assistant General Counsel in 1996 from
Burlington Northern -- Santa Fe Railroad, where she worked for five years in
legal and labor relations. She began her corporate career in 1984 as a member
of the legal department of a publicly traded oil service company with
responsibility for nationwide litigation. Upon graduating from Syracuse
University Law School in 1978, Ms. Quay was a lawyer in private practice in
Houston, Texas.
Global is a major manufacturer of technologically advanced industrial
products that support high-growth markets around the world. Products include
forged flanges; undercarriage parts for track-mounted vehicles; modular cells
for refining nonferrous metals; premium refractories for lining heat-
containing industrial vessels such as steel furnaces; raw materials used to
make refractory products, processing and recycling equipment.
SOURCE Global Industrial Technologies, Inc.
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Communications of Global Industrial Technologies, Inc.,
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