OWEN-ILLINOIS NAMES TERRY L. WILKINSON AND
THOMAS L. YOUNG INTERIM CO-CEOs UPON RETIREMENT
OF JOSEPH H. LEMIEUX
Long-Time Executives to Take Office at Year-End
TOLEDO, Ohio, Dec. 5, 2003
-- The Board of Directors of Owens-Illinois,
Inc. (NYSE: OI) announced today that it has
named Terry L. Wilkison and Thomas L. Young
as Interim co-Chief Executive Officers of the
Company, to take office when Joseph H. Lemieux,
the current CEO, retires at the end of this
year. Mr. Wilkison is the Executive Vice President
and General Manager of the Plastics Group and
Mr. Young is the Executive Vice President and
Chief Financial Officer of the Company.
Mr. Lemieux had advised the Board in July of
his plans to retire effective December 31, 2003.
He will remain Chairman of the Company. The
Board is continuing its search for a permanent
CEO. Mr. Lemieux, 72, is a 46-year veteran of
Owens-Illinois. He became CEO in 1990 and Chairman
in 1991.
Both Terry Wilkison and Thomas Young are long-time
executives of Owens-Illinois. Mr. Wilkison,
62, joined the Company in 1963. Prior to heading
the Plastics Group, he served from 1998 to 2000
as Executive Vice President of Latin American
Operations, a role he took after spending four
years heading the Company's Domestic Packaging
Operations. Mr. Young, 59, joined the legal
department of Owens-Illinois in 1976. He has
since served in a variety of senior administrative
positions, including spending ten years as General
Counsel before becoming CFO in March 2003. He
is a Director of the Company. Mr. Young also
is a director of Manor Care, Inc., (NYSE: HCR).
Mr. Young will continue to serve as the Chief
Financial Officer of the Company.
Mr. Lemieux said, "Having spent nearly
a half-century at Owens-Illinois, I am pleased
to be retiring when the Company is in a strong
position. We are very fortunate that Terry and
Tom, both highly experienced executives who
have made enormous contributions to Owens-Illinois,
have agreed to share the chief executive responsibilities
until my permanent successor is appointed. I
feel confident that the combination of their
operating and administrative expertise positions
the Company well while the Board continues to
search for an executive who can best lead Owens-Illinois
into the future. As Chairman, I will work to
ensure a smooth transition to the new management."
About O-I
Owens-Illinois is the largest manufacturer
of glass containers in North America, South
America, Australia and New Zealand, and one
of the largest in Europe. O-I also is a worldwide
manufacturer of plastics packaging with operations
in North America, South America, Europe, Australia
and New Zealand. Plastics packaging products
manufactured by O-I include consumer products
(blow molded containers, injection molded closures
and dispensing systems) and prescription containers.
Forward Looking Statements
This news release contains "forward
looking" statements within the meaning
of Section 21E of the Securities Exchange Act
of 1934 and Section 27A of the Securities Act
of 1933. Forward looking statements reflect
the Company's current expectations and projections
about future events at the time, and thus involve
uncertainty and risk. It is possible the Company's
future financial performance may differ from
expectations due to a variety of factors including,
but not limited to the following: (1) foreign
currency fluctuations relative to the U.S. dollar,
(2) changes in capital availability or cost,
including interest rate fluctuations, (3) the
general political, economic and competitive
conditions in markets and countries where the
Company has operations, including disruptions
in the supply chain, competitive pricing pressures,
inflation or deflation, and changes in tax rates
and laws, (4) consumer preferences for alternative
forms of packaging, (5) fluctuations in raw
material and labor costs, (6) availability of
raw materials, (7) costs and availability of
energy, (8) transportation costs, (9) consolidation
among competitors and customers, (10) the ability
of the Company to integrate operations of acquired
businesses, (11) unanticipated expenditures
with respect to environmental, safety and health
laws, (12) the performance by customers of their
obligations under purchase agreements, and (13)
the timing and occurrence of events which are
beyond the control of the Company, including
events related to asbestos-related claims. It
is not possible to foresee or identify all such
factors. Any forward looking statements in this
news release are based on certain assumptions
and analyses made by the Company in light of
its experience and perception of historical
trends, current conditions, expected future
developments, and other factors it believes
are appropriate in the circumstances. Forward
looking statements are not a guarantee of future
performance and actual results or developments
may differ materially from expectations. While
the Company continually reviews trends and uncertainties
affecting the Company's results of operations
and financial condition, the Company does not
intend to update any particular forward looking
statements contained in this news release.
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