PHILADELPHIA, December 12 /PRNewswire/ --
Crown Holdings, Inc. (NYSE: CCK) announced that Alan W. Rutherford, 65, has decided to step down as Chief Financial Officer effective today. Timothy J. Donahue, 46, has been promoted to Executive Vice-President and Chief Financial Officer of the Company and will report to John W. Conway, the Company's Chairman and Chief Executive Officer.
Mr. Rutherford will continue to serve as Vice Chairman of the Board of Directors and as Executive Vice President of the Company. He expects to retire as Executive Vice President at the end of March 2009 following an orderly transition of responsibilities. Mr. Rutherford will remain a member of the Company's Board of Directors after his retirement.
"We are deeply indebted to Alan for his dedication and his outstanding contributions to the Company over the last 34 years. He has been an indispensable partner to me as we have worked to successfully turn the Company around and restore its leadership in the rigid metal packaging industry," Mr. Conway stated. "I look forward to working with him through the transition and as a director in the future," said Mr. Conway.
Mr. Donahue was formerly Senior Vice President - Finance, a position he had held since 2000. Prior to that, he had served since 1991 as the Company's Controller. He joined Crown in 1990 as Manager of Domestic Accounting. Earlier in his career, Mr. Donahue was with the public accounting firm Price Waterhouse, now PricewaterhouseCoopers.
Mr. Conway commented, "Tim has served the Company for more than 18 years and brings a wealth of financial experience to his new position. He has been an integral part of our senior management team and we are delighted to have him succeed Alan as our next CFO. I look forward to working with him more closely as we continue to move Crown forward in the global marketplace."
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2007 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, PA. For more information, visit www.crowncork.com.
For more information, contact: Timothy J. Donahue, Executive Vice President and Chief Financial Officer; Tel: +1-215-698-5088, or Ed Bisno, Bisno Communications; Tel: +1-212-717-7578
