SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
THE SECURITIES ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): March 26, 2003
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BUCKEYE TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-60032 62-1518973
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1001 Tillman Street, Memphis, Tennessee 38112
(Address of principal executive offices)
Registrant's telephone, including area code (901) 320-8100
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ITEM 5. OTHER EVENTS
On March 26, 2003, the Registrant issued the following press release
announcing that Mr. Robert E. Cannon, Chairman and Chief Executive Officer, will
retire in June 2003.
News from
FOR IMMEDIATE RELEASE
Contacts: Kris Matula, Senior Vice President
901-320-8588
Gordon Mitchell
Investor Relations Manager
901-320-8256
Website: www.bkitech.com
BUCKEYE CEO ROBERT CANNON ANNOUNCES RETIREMENT;
DAVID FERRARO ELECTED CHAIRMAN & CEO, JOHN CROWE
PRESIDENT AND COO
MEMPHIS, TN March 26, 2003 - Buckeye Technologies Inc. (NYSE:BKI) today
announced that Robert E. Cannon, Chairman and Chief Executive Officer, will
retire in June 2003.
Mr. Cannon, who led the leveraged buy-out of Procter & Gamble's pulp business
which resulted in the formation of Buckeye, has served as the Company's Chairman
and CEO since it was established in 1993. He successfully took the Company
public in 1995 and has presided over business growth which has firmly
established Buckeye as a leader in the markets that it serves.
Speaking on behalf of the Buckeye Board of Directors, Samuel M. Mencoff,
Buckeye's longest serving Independent Director, commented, "Bob Cannon is truly
a remarkable individual. He is not only a visionary leader, but is also an
exceptional manager who has energetically guided the Company's development over
the last ten years."
In anticipation of Mr. Cannon's retirement, the Board has elected David B.
Ferraro, currently Buckeye President and Chief Operating Officer, to the office
of Chairman and Chief Executive Officer succeeding Mr. Cannon effective April 1,
2003. Other key management changes being made in accordance with the Company's
succession plan include:
John B. Crowe, currently Buckeye Senior Vice President - Wood Cellulose, will
succeed Mr. Ferraro as President and Chief Operating Officer.
Kristopher J. Matula, currently Senior Vice President - Nonwovens, will assume
additional strategic planning responsibilities and will become Senior Vice
President - Nonwovens and Corporate Strategy.
R. Howard Cannon, currently Vice President - Nonwovens Sales, will become Senior
Vice President - Wood Cellulose succeeding Mr. Crowe.
The other members of Buckeye's Executive Team will continue in their current
roles. Robert E. Cannon will remain on Buckeye's Board of Directors.
Mr. Robert Cannon commented, "Buckeye is in good hands. Dave Ferraro has served
as our President since the Company was founded. He is a broadly experienced
leader and is intimately familiar with all aspects of Buckeye's business. John
Crowe also has wide industry experience having held management positions at
Weyerhaeuser and Parsons & Whittemore in addition to our Company. He too is an
outstanding executive. Buckeye's strong Management Team, supported by our highly
skilled and extraordinarily dedicated employees, will spark a robust recovery
from the depressed economy that has recently impacted so many firms."
Buckeye, a leading manufacturer and marketer of specialty cellulose and
absorbent products, is headquartered in Memphis, Tennessee, USA. The Company
currently operates facilities in the United States, Germany, Canada, Ireland and
Brazil. Its products are sold worldwide to makers of consumer and industrial
goods.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of the federal securities laws that involve risks
and uncertainties, including but not limited to economic, competitive,
governmental, and technological factors affecting the Company's operations,
financing, markets, products, services and prices, and other factors. For
further information on factors which could impact the Company and the statements
contained herein, please refer to public filings with the Securities and
Exchange Commission.
BUCKEYE TECHNOLOGIES INC.
/S/ GAYLE L. POWELSON
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Gayle L. Powelson
Senior Vice President, Chief Financial Officer
March 26, 2003