BUENOS DIAS:
AL LORO EN ONEIQ, QUE cab***ES SON:
Oneida Ltd.: Senior Management Transition Plan Announced
ONEIDA, N.Y., April 6, 2006 (PRIMEZONE) -- Oneida Ltd. (OTCBB:ONEIQ)
today announced the promotion of James E. Joseph to President of the
Company, effective May 31, 2006, upon the completion of the year of
service of Terry G. Westbrook in that role. Mr. Joseph has been the
Company's Executive Vice President for Worldwide Sales and Marketing
since April 2005. An Oneida manager for 18 years, Mr. Joseph previously
served as the general manager for both foodservice and international
operations.
Furthermore, Oneida's Board of Directors and Mr. Westbrook, President
and Chief Executive Officer of Oneida, have initiated a transition
period that will result in the appointment of his successor as Chief
Executive Officer. It is contemplated that the transition process will
be completed by May 31, 2006, or subject to a mutually agreed upon
extension. Mr. Westbrook has been a member of Oneida's Board of
Directors since October 2004. In conjunction with the company's
restructuring efforts, he was asked to assume the operating position in
March 2005. These restructuring efforts are now being concluded through
the pre-negotiated plan of reorganization filed March 19, 2006. Mr.
Westbrook will continue as a member of the Board pending the
confirmation of the Company's Plan of Reorganization.
The Company has engaged Heidrick & Struggles to conduct a search for a
CEO to succeed Mr. Westbrook and expects that this process will
conclude within the next three months.
Christopher H. Smith, Chairman of Oneida's Board of Directors, stated,
"We are particularly fortunate to be able recognize the outstanding
talents and extensive contributions of Jim Joseph by promoting him to
the Presidency of Oneida. Our stakeholders wholeheartedly support this
decision.
"Jim and our marketing, procurement, logistics and customer service
teams have greatly improved the outlook for Oneida in the past 18
months. There is yet much to do and Jim has the ability and leadership
to maintain and enhance Oneida's dominant position in the tabletop
sector."
Mr. Smith commented further, "Terry Westbrook's tenure as CEO of Oneida
has been a time of extraordinary change and progress. It was Terry's
goal to return Oneida to its leadership position in tabletop products
by executing a new strategic marketing plan to improve Oneida's brand
relevance. Achievement of this goal is within sight. He has rebuilt the
senior management team and overseen a turnaround in operating results
while helping to design and implement a program to bring the Company's
leverage within manageable limits. We respect his desire to return to
independent Board membership and the management of his many personal
and business activities."
Mr. Westbrook commented, "I am very proud of my role in developing the
plan to return Oneida to a position of prominence in the tabletop
industry. Our consensual recapitalization process should ensure
Oneida's leadership in tabletop products long into the future.
Following its emergence from chapter 11, Oneida will have solid
resources for growth strategies to drive increased profits.
"Of equal importance is that we have put together the best management
team in our sector. Jim's promotion to the Presidency has our total
support, and we have the greatest confidence in Jim and his team. With
the recapitalization of the Company and Jim's hand on the helm, the
future is bright, indeed."
