ONEIDA, N.Y., May 31, 2000 (PRIMEZONE) -- Oneida Ltd. (NYSE:OCQ) today announced that Peter J. Kallet, President and Chief Executive Officer, has been elected Chairman of the Board of Directors, effective immediately. Mr. Kallet will continue to serve as President and C.E.O. in addition to his further responsibilities as Chairman.
Mr. Kallet, 53, succeeds William D. Matthews, who served as Oneida Ltd. Chairman since 1986. Following his retirement from daily operations as Chief Executive Officer in December 1998, Mr. Matthews continued as Chairman until the completion of his Board term, effective today. Mr. Matthews was privately honored by the Company's Board of Directors at a Board meeting today for his 31 years of outstanding service to Oneida Ltd.
Mr. Kallet was appointed C.E.O. in 1998 having previously been named President, Chief Operating Officer and a member of the Board of Directors in 1996. Prior to that, he served as Senior Vice President and General Manager of the Oneida Foodservice Division. Mr. Kallet joined Oneida in 1967 as a staff accountant, moving progressively to positions of increasing responsibility in sales, marketing, and manufacturing.
Active in the tabletop industry as well as various business and civic organizations, Mr. Kallet is President of the National Tabletop and Giftware Association, and the New York Restaurant Association. Additionally, Mr. Kallet is a member of the Business Council of New York State, the Chase Northeast Advisory Board, the Oneida Industrial Development Agency, and the Advisory Board of the State University of New York (SUNY) at Morrisville. He has also served as a board member of the North American Association of Foodservice Equipment Manufacturers (NAFEM).
Mr. Kallet and his wife, Beth, live in Oneida, N.Y., and have four grown children.
Oneida Ltd. is a leading manufacturer of stainless steel and silverplated flatware for both the consumer and foodservice industries, and a leading supplier of dinnerware to the foodservice industry. Oneida also is a leading supplier of a variety of crystal, glassware and metal serveware for the tabletop market.
Statements contained in this press release that state that certain results are "expected" or "anticipated" to occur, or otherwise state the company's predictions for the future, are forward looking statements. These particular forward-looking statements and all other statements that are not historical facts, are subject to a number of risks and uncertainties, and actual results may differ materially. Such factors include, but are not limited to: general economic conditions in the Company's markets; difficulties or delays in the development, production and marketing of new products; the impact of competitive products and pricing; unforeseen increases in the cost of raw materials or shortages of raw materials; significant increases in interest rates or the level of the Company's indebtedness; major slow downs in the retail, travel or entertainment industries; the loss of several of the Company's major customers; underutilization of the Company's plants and factories; and the amount and rate of growth of the Company's selling, general and administrative expenses.