LAS VEGAS, Sept. 17 /PRNewswire-FirstCall/ -- American Pacific Corporation ("AMPAC") (Nasdaq: APFC) today announced that John R. Gibson, Chairman of the Board of Directors and Chief Executive Officer, will retire as Chief Executive Officer, effective December 31, 2009, after leading the company for over 12 years. He will be succeeded as Chief Executive Officer by Dr. Joseph Carleone, who currently serves as President and Chief Operating Officer. Mr. Gibson will retain his role as Chairman of the Board of Directors. These changes are the result of succession planning begun by the Board of Directors several years ago and are intended to provide continuity in executing AMPAC's long-term strategic plans.
Joe Carleone joined AMPAC in October, 2006, as President and Chief Operating Officer. Previously he was Senior Vice President and Chief Product Officer at Irvine Sensors Corporation, a vision systems company. Dr. Carleone was President of Aerojet Fine Chemicals LLC when AMPAC acquired the business from GenCorp Inc. in November, 2005. He had a distinguished 23 year career at Aerojet including being Vice President - Operations and Remote Sensing as well as Vice President - Armament Systems. He has published over 45 articles and edited a book entitled Tactical Missile Warheads. Dr. Carleone is a native of Philadelphia and earned his PhD in Applied Mechanics from Drexel University. He and his wife Shirley reside in Las Vegas. He is active in the community and is a member of the Executive Committee of the Nevada Development Authority, NDA.
John R. Gibson, a native of Las Vegas, became President and Chief Executive Officer in July, 1997. He joined AMPAC in 1992 after a 28 year career at U.S. Steel. Under his leadership, AMPAC has diversified into the aerospace equipment business, in 2004, and into fine chemicals, e.g. active pharmaceutical ingredients, in 2005. During his tenure corporate revenues have increased dramatically, particularly from exports and international operations.
"Joe Carleone is uniquely qualified to lead our company," commented Mr. Gibson. "He has operating and executive experience both in fine chemicals and in aerospace. The company's future is in good hands. Joe will, I'm sure, continue aggressively to pursue our current objectives, including growth and diversification."
Dr. Carleone's responsibility will be President and Chief Executive Officer. Mr. Gibson will continue to serve AMPAC as the non-executive Chairman of the Board of Directors.
ABOUT AMERICAN PACIFIC CORPORATION
American Pacific Corporation (AMPAC) is a leading custom manufacturer of fine chemicals, specialty chemicals and propulsion products within its focused markets. We supply active pharmaceutical ingredients and advanced intermediates to the pharmaceutical industry. For the aerospace and defense industry we provide specialty chemicals used in solid rocket motors for space launch and military missiles. AMPAC also designs and manufactures liquid propulsion systems, valves and structures for space and missile defense applications. We produce clean agent chemicals for the fire protection industry, as well as electro-chemical equipment for the water treatment industry. Our products are designed to meet customer specifications and often must meet certain governmental and regulatory approvals. As of August 31, 2009, AMPAC employed approximately 562 employees in nine locations, including in-space propulsion in Westcott and Cheltenham, U.K. and Dublin, Ireland. In the U.S., AMPAC has a companion in-space propulsion facility in Niagara Falls, New York, with a marketing office in Chatsworth, California. Fine chemicals are produced in Rancho Cordova, California. The specialty chemicals segment is located in Cedar City, Utah. Las Vegas remains as the corporate headquarters. Additional information about us can be obtained by visiting our web site at www.apfc.com.
|SOURCE American Pacific Corporation|
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