HIGHLAND HEIGHTS, KY., December 22 /CNW/ - General Cable Corporation
(NYSE: BGC) reported today that executive officers of the Company, Gregory B.
Kenny, President and Chief Executive Officer, and Robert J. Siverd, Executive
Vice President and General Counsel, have voluntarily relinquished their
employment and change-in-control agreements with General Cable effective at
the end of this year. They and Brian Robinson, Chief Financial Officer, remain
with the Company and will have their compensation and benefits determined in
the discretion of the Compensation Committee of the Board of Directors. At the
same time, the Board of Directors has adopted a new severance plan which will
cover US-based executive officers of the Company which will take effect on
January 1, 2008. This new and more simplified severance plan will provide
benefits for these and other US-based executives of General Cable.
"Mr. Siverd and I have voluntarily terminated our employment related
agreements in order to be fully aligned with the terms and conditions of the
North American senior management team," said Mr. Kenny. "We look forward to
continuing to build the Company domestically and internationally for the
benefit of our shareholders and employees in the years ahead," Mr. Kenny
Additional information is set forth in the Company's 8-K Report dated
December 21, 2007, filed with the Securities and Exchange Commission.
With over $5.5 billion of annualized revenues and 12,000 employees,
General Cable is a global leader in the development, design, manufacturer,
marketing and distribution of copper, aluminum and fiber optic wire and cable
products for the energy, industrial, and communications markets. Visit our
website at www.generalcable.com.
Certain statements in this press release, including without limitation,
statements regarding future financial results and performance, plans and
objectives, capital expenditures and the Company's or management's beliefs,
expectations or opinions, are forward-looking statements. Actual results may
differ materially from those statements as a result of factors, risks and
uncertainties over which the Company has no control. Such factors, risks, and
uncertainties are more fully discussed in the Company's Report on Form 10-K
filed with the Securities and Exchange Commission on March 1, 2007, as well as
periodic reports filed with the Commission.
For further information:
For further information: General Cable Corporation Michael P. Dickerson,
859-572-8684 Vice President of Finance and Investor Relations