HOUSTON, May 3 /PRNewswire-FirstCall/ -- Pioneer Companies, Inc. (NASDAQ:PONR) today announced that Michael Y. McGovern, the Company's Chairman, President and Chief Executive Officer, has signed a new three-year employment agreement under which Mr. McGovern will continue his employment with Pioneer in his current positions.
Mr. McGovern, who is 54, was named a director of Pioneer when the Company emerged from bankruptcy on December 31, 2001. He was elected President and Chief Executive Officer in September 2002 and became Chairman at the end of 2005.
Richard L. Urbanowski, the Chairman of the Governance and Compensation Committee of the board, stated, "Mike McGovern has done an outstanding job over the past three and one-half years leading Pioneer's turnaround from bankruptcy to our outstanding performance last year. When the board evaluated his skills and the challenges facing Pioneer in the coming years, we felt that Mike was the best person to lead the Company. The board and the other members of management are very pleased that Mike will continue as the Company's Chief Executive Officer and look forward to working with him as the Company develops and implements its future strategic direction." Mr. McGovern stated, "Now that the Company's financial health has improved significantly since coming out of bankruptcy, we have both challenges and opportunities that we will need to address to continue the Company's success. I look forward to working with our management team, employees and board as we work to continually improve our core business and look for new opportunities." Pioneer, based in Houston, manufactures chlorine, caustic soda, bleach, hydrochloric acid and related products used in a variety of applications, including water treatment, plastics, pulp and paper, detergents, agricultural chemicals, pharmaceuticals and medical disinfectants. Pioneer owns and operates four chlor-alkali plants as well as other downstream manufacturing facilities in North America.
Certain statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Forward- looking statements relate to matters that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, the risks and uncertainties described in Pioneer's filings with the Securities and Exchange Commission. Actual outcomes may vary materially from those indicated by the forward-looking statements. DATASOURCE: Pioneer Companies, Inc.
CONTACT: Gary Pittman of Pioneer Companies, Inc., +1-713-570-3200 Web site: http://www.piona.com/
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