March 14, 2013
/PRNewswire/ -- American Pacific Corporation (NASDAQ: APFC) announced that in conjunction with the Company's 2013 Annual Meeting of Stockholders,
John R. Gibson
has stepped down from the position of Chairman of the Board of Directors. He was re-elected for another three year term as a director.
, AMPAC's President and Chief Executive Officer, was elected to succeed Mr. Gibson as Chairman, and to continue as President and Chief Executive Officer of the Company.
These actions were taken consistent with the Company's established succession plan.
Mr. Gibson stated, "Thoughtful and orderly succession is crucial to the long-term health of any company. Therefore, over the past several years, AMPAC has implemented transitions in senior management, beginning in 2009 when I retired as CEO, and the Board named
as CEO. That was a wise choice, as Joe's success in that role has demonstrated."
As part of the transition process, the Board asked Mr. Gibson to continue for a time as non-executive Chairman, to support management and to provide continuity for the Board. "These past three years during which I have served as non-executive Chairman have, I hope, helped make that transition as productive as possible," Mr. Gibson said. "Now," he continued, "with the election of
as Chairman, the transition is complete."
Dr. Carleone praised Mr. Gibson for his sixteen years of exemplary executive leadership, and his twenty-five years of dedicated service as a Director. He observed: "During John's tenure as President, Chief Executive Officer and Chairman, he managed AMPAC through daunting challenges in its specialty chemicals business, led the strategic diversification of the Corporation into two major new areas, fine chemicals and in-space propulsion, and supported the crucial divestiture of the in-space propulsion business with considerable benefit to stockholders." Dr. Carleone added that "the Board is delighted that Mr. Gibson will remain a colleague as a director, and AMPAC will continue to benefit from his experience and wisdom."