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MacAndrews & Forbes Names Barry F. Schwartz as Executive Vice Chairman

NEW YORK, Oct. 11 /PRNewswire/ -- MacAndrews & Forbes Holdings Inc. announced today the appointment of Barry F. Schwartz as Executive Vice Chairman and Chief Administrative Officer. As Chief Administrative Officer, Mr. Schwartz will supervise all legal, financial, governmental and administrative aspects of the Company's businesses. Mr. Schwartz will also continue, for some interim period, to serve as MacAndrews & Forbes's General Counsel.

"Barry has been an exemplary leader at MacAndrews & Forbes and I am delighted to have him work along side me in managing our operations and developing and implementing our strategic vision for growth. Barry, along with Howard and I, has been a member of an informal three person Executive Committee here for quite sometime, so this is a natural transition accelerated by the most unfortunate and sudden passing of our dear friend Howard", said Ronald O. Perelman, Chairman and Chief Executive Officer of MacAndrews & Forbes.

Mr. Schwartz joined MacAndrews & Forbes in 1989 and has been the Executive Vice President and General Counsel of the Company since 1993. He also serves as Acting Chief Executive Officer of M & F Worldwide Corp. and sits on the boards of Harland Clarke Holdings Corp., Revlon Consumer Products Corporation, Scientific Games Corporation, TransTech Pharma, Inc. and various other MacAndrews & Forbes companies.

Mr. Schwartz is a Member of the Board of Trustees of Kenyon College, serving on its Executive Committee, and is Chair of its Admissions and Financial Aid Committees. He also serves as a Trustee of the Association of Governing Boards of Universities and Colleges, and is a Member of the Board of Visitors of the Georgetown University Law Center.

About MacAndrews & Forbes Holdings Inc.

MacAndrews & Forbes is a private diversified holding company with interests in financial services, check printing and check related products and services, consumer products, gaming, entertainment, private security, defense, biotechnology and other industries. Among the companies in which it holds interests are M&F Worldwide Corp., Revlon, Deluxe Entertainment Services, Panavision, AlliedBarton Security Services, AM General, TransTech Pharma, Inc. and Scientific Games Corporation.

SOURCE MacAndrews & Forbes Holdings Inc.
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