NEWTOWN SQUARE, Pa., July 23 /PRNewswire/ -- Anthony G. Fernandes,
Executive Vice President, ARCO (NYSE: ARC), has been elected Chairman of the
Board of ARCO Chemical Company (NYSE: RCM), effective July 17, 1997.
Fernandes, an ARCO Chemical board member since 1996, replaces Mike R. Bowlin,
Chairman and Chief Executive Officer, ARCO. Bowlin has been ARCO Chemical's
board chairman for the past two years.
Fernandes, 52, has served as Executive Vice President of ARCO since
September, 1994. He has responsibility for all of ARCO's downstream
operations, including ARCO Products Company, ARCO Global Energy Ventures, ARCO
Aluminum, Inc. and ARCO Coal Company. He has broad regional responsibility in
Asia and South America. He is also a member of ARCO's Board of Directors.
Since joining ARCO in 1968 as a Planning Analyst in New York, Fernandes
has held numerous positions of increasing responsibility in four of ARCO's
operating divisions as well as at corporate headquarters. He served as
President of the ARCO Coal Company, and as Vice President and Controller of
ARCO.
In discussing the change, Bowlin commented: "Tony Fernandes has a solid
operating background and a global perspective regarding ARCO Chemical and its
future, which will serve him well as Chairman."
ARCO Chemical Company is a leading worldwide manufacturer and marketer of
propylene oxide and derivatives, and other intermediate chemicals. Its
products are used in a wide range of consumer and industrial goods, including
automotive components, cushioning, paints and coatings, plastics, home
furnishings, engine coolants and reformulated gasoline.
For a menu of ARCO Chemical's news releases and to retrieve a specific
release, visit ARCO Chemical's website at http://www.arcochem.com on the
Internet. To receive a press release by fax, call 800-758-5804; use code
062063.
SOURCE ARCO Chemical Company
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CONTACT:
Sallie D. Anderson, Communications,
610-359-5773, or Patricia D. Bartlett, Investor Relations,
610-359-3171, both of ARCO Chemical Company
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