On September 12, 2003, Pechiney's board of directors recommended Alcan's offer to its shareholders. Most of Pechiney's shareholders contributed their stock to the offer, and Alcan to date has secured over 93% of share capital. Further to this operation, Pechiney's board ended Jean-Pierre Rodier's term as chairman and CEO of Pechiney at its meeting on December 16. Travis Engen, Alcan president and CEO, was appointed as the new chairman and CEO of Pechiney. At the meeting, Pechiney's board voiced its deep gratitude to Jean-Pierre Rodier for the work he had done at the head of the Group since 1994. He oversaw Pechiney's privatization, the reduction of the Group's debt and the restoration of its competitiveness through the Challenge program. From 2002, he oversaw the setup of the Pechiney Continuous Improvement System, which has generated €228 million in savings in less than two years. Under Rodier's chairmanship, in 2000 Pechiney returned to a policy of growth in its three core businesses: primary aluminum, aluminum conversion and specialty packaging.
For more details, including additional board appointments, visit http://www.pechiney.com .