Oneida: new board of directors elected

Oneida announced 10 November 2006 the election of a new seven-member Board of Directors. Over the past two years, the company“s previous board presided over a comprehensive operational restructuring …

Oneida announced 10 November 2006 the election of a new seven-member Board of Directors. Over the past two years, the company“s previous board presided over a comprehensive operational restructuring and refinancing which included a successful pre-negotiated Chapter 11 proceeding. Under the stewardship of the new board, Oneida will focus on building its brands globally and implementing innovative long-term growth strategies. “We are very excited about our future and believe this new Board brings world-class credentials from both the Retail and Foodservice industries”, said James E. Joseph, President of Oneida Ltd. “This Board was carefully chosen for their keen perspective on today“s consumer and for their commitment to helping Oneida execute our global expansion plans”. Newly elected board member Andrew Herenstein, a Managing Principal of Quadrangle Group LLC and a Managing Member of Quadrangle Debt Recovery Advisors LLC, which in the aggregate are Oneida“s largest shareholders, said Oneida has emerged from its recent restructuring positioned for growth: “We join Oneida“s Board of Directors at a pivotal time in the company“s history. Our goal is to build on the strengths of Oneida“s 126-year-old brand and heritage”. The Oneida Board of Directors consists of: Diane Price Baker, former Executive Vice President and Chief Financial Officer of Atari, Inc.; Andrew Herenstein, who joined Quadrangle Group LLC in 2002 and is a Managing Principal and co-portfolio manager ; Norman S. Matthews, a former President of Federated Department Stores; Edward W. Rabin, who retired as President of Hyatt Hotels Corporation in January 2006; Hugh R. Rovit, a member of Oneida Ltd.“s Board of Directors since October 2004 and currently Chief Executive Officer of Sure-Fit, Inc.; Thomas J. Russo, a Partner in RAVE, a privately held LLC specializing in quality assurance and customer satisfaction for the hospitality, restaurant and retail industries; Eric S. Salus, a past President of Macy“s and Macy“s Home Store from 1997 to 2005 and 2004 to 2005, respectively. The new Board of Directors for Oneida Ltd. became effective on 1 November 2006. Oneida Ltd. is one of the world“s largest marketers of stainless steel and silverplated flatware for both the consumer and foodservice industries. It is also the largest supplier of dinnerware to the foodservice industry in North America. Its operations in the United States, Canada, Mexico, the United Kingdom and Australia market flatware products, china dinnerware, and crystal and glassware items.