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8-K - FORM 8-K - LORILLARD, LLC | c04860e8vk.htm |
EX-10.2 - EXHIBIT 10.2 - LORILLARD, LLC | c04860exv10w2.htm |
EX-10.3 - EXHIBIT 10.3 - LORILLARD, LLC | c04860exv10w3.htm |
Exhibit 99.1
Contact: | David Taylor Chief Financial Officer (336) 335-7668 Robert Bannon Director, Investor Relations (336) 335-7665 |
LORILLARD, INC. ELECTS MURRAY S. KESSLER PRESIDENT AND
CHIEF EXECUTIVE OFFICER SUCCEEDING MARTIN L. ORLOWSKY
CHIEF EXECUTIVE OFFICER SUCCEEDING MARTIN L. ORLOWSKY
GREENSBORO, NC, August 12, 2010Lorillard, Inc. (NYSE:LO) announced today that its Board of
Directors has elected Murray S. Kessler as President and Chief Executive Officer, effective
September 13, 2010, succeeding Martin L. Orlowsky, current Chairman, President and Chief Executive
Officer. Mr. Kessler also was elected to serve as a member of the Board of Directors of the
Company, effective September 13, 2010.
In addition, Mr. Orlowsky announced his intention to retire as Chairman of the Board and a
director, effective December 31, 2010. The Board of Directors has entered into a consulting
agreement with Mr. Orlowsky to provide ongoing advice to the Company for a period of two years
following his retirement.
It has been a privilege to serve as Lorillards President and Chief Executive Officer for the
past eleven years. I have enjoyed working with the Board of Directors, leadership team and
dedicated employees to build a successful business and oversee its transition as a public company,
said Mr. Orlowsky. With his qualifications and proven track record at UST, Inc., Murray is well
positioned to continue to build on Lorillards success. I look forward to assisting with his
transition over the next few months.
Speaking on behalf of Lorillards Board of Directors, Lead Independent Director Richard Roedel
said, On behalf of the Board, I want to take this opportunity to thank Marty for his leadership,
vision and commitment to Lorillard. For the past year, the Board of Directors has searched for a
Chief Executive Officer with the industry and leadership experience to succeed Marty. Murrays
outstanding background and significant experience in the tobacco industry make us confident that he
is the right choice to successfully lead Lorillard going forward.
Commenting on his new appointment, Mr. Kessler said, Thanks to Marty and his strong
leadership team, Lorillard has outperformed the tobacco industry in almost every key measure. I am
honored to join the leadership team of this great company, its dedicated employees and passionate
Board of Directors. I am confident that together we will build upon the Companys strategy of
responsibly winning in the marketplace and, as a result, grow shareholder value. I look forward to
working with Marty to ensure a smooth transition.
Mr. Kessler, 51, joins Lorillard most recently from Altria Group, Inc. (Altria), where he
served as Vice Chair of Altria and President and Chief Executive Officer of UST LLC, a wholly owned
subsidiary. Mr. Kessler held this position from January 2009 through June 2009, the six months
following the acquisition of UST, Inc. (UST) by Altria. Prior to 2009, Mr. Kessler had served as
Chairman of the Board of UST, the principal businesses of which included U.S. Smokeless Tobacco
Company (USSTC) and Ste. Michelle Wine Estates, since January 2008 and President and Chief
Executive Officer of UST since January 2007. He was President and Chief Operating Officer from
November 2005 to December 2006 and was President of USSTC from April 2000 through October 2005.
During his tenure at UST, the company experienced tremendous growth including an increase in
enterprise value from $3 billion to $12 billion. Prior to joining UST, Mr. Kessler had over 18
years of consumer packaged goods experience with companies, including Campbell Soup and Clorox.
Mr. Kessler earned a Bachelor of Science in Business Administration from Villanova University
and an M.B.A. in marketing and finance from New York Universitys Stern School.
About Lorillard, Inc.
Lorillard, Inc. (NYSE: LO) is the third largest manufacturer of cigarettes in the United States.
Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S.
Newport, Lorillards flagship menthol-flavored premium cigarette brand, is the top selling menthol
and second largest selling cigarette in the U.S. In addition to Newport, the Lorillard product line
has five additional brand families marketed under the Kent, True, Maverick, Old Gold and Max brand
names. These six brands include 41 different product offerings which vary in price, taste, flavor,
length and packaging. Lorillard maintains its headquarters and manufactures all of its products in
Greensboro, North Carolina.
Forward-Looking Statements
Certain statements made in this press release are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (the Reform Act). Forward-looking
statements include, without limitation, any statement that may project, indicate or imply future
results, events, performance or achievements, and may contain the words expect, intend, plan,
anticipate, estimate, believe, may, will be, will continue, will likely result and
similar expressions. In addition, any statement that may be provided by management concerning
future financial performance (including future revenues, earnings or growth rates), ongoing
business strategies or prospects and possible actions by Lorillard, Inc. are also forward-looking
statements as defined by the Reform Act.
Forward-looking statements are based on current expectations and projections about future events
and are inherently subject to a variety of risks and uncertainties, many of which are beyond our
control, that could cause actual results to differ materially from those anticipated or projected.
Information describing factors that could cause actual results to differ materially from those in
forward-looking statements is available in Lorillard, Inc.s filings with the Securities and
Exchange Commission (the SEC), including but not limited to, our Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. These filings are available from the SEC over the Internet or in
hard copy, and are available on our website at www.lorillard.com. Forward-looking
statements speak only as of the time they are made, and we expressly disclaim any obligation or
undertaking to update these statements to reflect any change in expectations or beliefs or any
change in events, conditions or circumstances on which any forward-looking statement is based.