HIGHLAND HEIGHTS, Ky.--(Business Wire)--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 concluded.
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.
General Cable Corporation
Michael P. Dickerson, 859-572-8684
Vice President of Finance and Investor Relations
Copyright Business Wire 2007
