Celanese Shareholders Elect Independents to Board of Directors
DALLAS--Aug. 14, 2006--Celanese Corporation , a global hybrid chemical company, today announced that Martin G. McGuinn and John K. Wulff were elected to its board of directors at a special meeting of shareholders held today in Dallas.McGuinn and Wulff will serve on the Celanese board as independent directors until the company's 2008 annual meeting of shareholders. McGuinn will serve on the company's audit committee and Wulff will serve on the company's compensation committee.
"We are extremely pleased to have these outstanding business executives on the Celanese board," said David Weidman, president and chief executive officer. "Their experience and qualifications will serve us well as we continue to transform our company and create value for our shareholders."
The Celanese board is now comprised of 11 directors, which includes 6 independent directors. Celanese became a non-controlled company as a result of the sale of shares by funds affiliated with The Blackstone Group, L.P. in May 2006. Today's election accelerated the company's compliance with the New York Stock Exchange requirement to have a majority of independent directors on the board within 12 months of the transaction.
As a global leader in the chemicals industry, Celanese Corporation makes products essential to everyday living. Our products, found in consumer and industrial applications, are manufactured in North America, Europe and Asia. Net sales totaled $6.1 billion in 2005, with approximately 60% generated outside of North America. Known for operational excellence and relentless execution of its business strategies, Celanese delivers value to customers around the globe with innovations and best-in-class technologies. Based in Dallas, Texas, the company employs approximately 9,300 employees worldwide. For more information on Celanese Corporation, please visit the company's website at www.celanese.com.