SADDLE BROOK, N.J., Nov. 30, 2000 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE) today reported that T.J. Dermot Dunphy, who was Chief Executive Officer of the Company from March 1, 1971 to Feb. 29, 2000, announced his resignation as non-executive Chairman of the Board. His resignation will be effective today. Mr. Dunphy will continue to be a Director of Sealed Air. The Board has eliminated the position of Chairman.
Commenting on his resignation as Chairman, Mr. Dunphy stated, "I have the greatest confidence in my successor CEO, William V. Hickey, and the future prospects of the Company and do not feel that the role of non-executive Chairman will add anything further to the leadership of Sealed Air. This is the final step in a management transition process that has been planned and accomplished over a period of several years. I look forward to continuing to be a Director and significant shareholder of this very fine company."
In addition to continuing as a Director of Sealed Air, Public Service Enterprise Group, Summit Bancorp, and a number of privately held companies, Mr. Dunphy will also be pursuing his other business interests, including his recently announced formation of Kildare Enterprises LLC, a private equity investment and management firm.
Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems. To view the Company's latest financial news online via the World Wide Web, visit http://www.cfonews.com/see.