-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AJJhOfgKPiHPZIVeldambUHHzTJj4Bbn6RPuR3t/maSYRUr4S41OU/bLCMRlTsFR 33QlbSTSg6Ey2sYtO+tWRw== 0000950128-97-000779.txt : 19970602 0000950128-97-000779.hdr.sgml : 19970602 ACCESSION NUMBER: 0000950128-97-000779 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970530 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970530 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00977 FILM NUMBER: 97616659 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 WESTINGHOUSE ELECTRIC CORP. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 30, 1997 Commission file number 1-977 ----- WESTINGHOUSE ELECTRIC CORPORATION --------------------------------- (Exact name of registrant as specified in its charter) PENNSYLVANIA 25-0877540 ------------ ---------- (State or other jurisdiction (I.R.S. Employer of incorporation) Identification Number) Westinghouse Building, 11 Stanwix Street, Pittsburgh, Pennsylvania 15222-1384 ----------------------------------------------------------------------------- (Address of principal executive offices; zip code) (412) 244-2000 ------------------------------------------------- (Registrant's Telephone No., including area code) 2 Item 5. Other Events ------------ On May 30, 1997, the Registrant issued a press release announcing that Dr. Ernest H. Drew will become Chief Executive Officer of Westinghouse's Industries and Technology Group. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Press Release issued by the Registrant on May 30, 1997, is filed as Exhibit 99 to this Report SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTINGHOUSE ELECTRIC CORPORATION (Registrant) By: /s/ LOUIS J. BRISKMAN ------------------------------- Louis J. Briskman Senior Vice President and General Counsel Date: May 30, 1997 3 EXHIBIT INDEX
Exhibit No. Description Sequential Page No. - ----------- ----------- ------------------- 99 Press Release
EX-99 2 WESTINGHOUSE ELECTRIC CORP. 1 Exhibit 99 [LOGO] WESTINGHOUSE PUBLIC RELATIONS CONTACTS: WESTINGHOUSE HOECHST AG KEVIN J. RAMUNDO DR. HANS-BERND HEIER (412) 642-4989 011-49-69-305-7112 ERNEST DREW, HOECHST SENIOR EXECUTIVE, TO BE CEO OF WESTINGHOUSE'S INDUSTRIAL UNIT o MAJOR MILESTONE IN PREPARATION FOR WESTINGHOUSE SPIN-OFF o EXPERIENCED GLOBAL EXECUTIVE TO HEAD NEW INDUSTRIAL COMPANY o STRONG WESTINGHOUSE OPERATING MANAGEMENT TEAM IN PLACE PITTSBURGH, May 30, 1997 - Westinghouse Electric Corporation (NYSE: WX) announced today that Dr. Ernest H. Drew, a member of the eight-person senior executive management team at Hoechst AG, will become chief executive officer of Westinghouse's Industrial and Technology Group, effective July 1. Dr. Drew will become the president and chief executive officer of the Westinghouse Electric Company, the corporation that will be formed from the planned spin-off of the industrial businesses to shareholders this fall. Since January 1995, Dr. Drew has served as a Member of the Hoechst Board of Management. As Chairman of the Board's Strategy Committee, Dr. Drew played a leading role in reshaping the company's portfolio, transforming its organization and culture, and presenting the benefits of those changes to the investment community. During the two-year period ending in December 1996, his efforts helped drive the market capitalization of the company from $12 billion to $28 billion. As a Member of the Board, he also had responsibility for the company's basic chemical and technical polymers businesses with total sales of approximately $6 billion, and regional management of Hoechst business activities in the Americas. Prior to joining the Board, Dr. Drew was president and chief executive officer of Hoechst Celanese Corporation from 1988 until 1994. In addition, he had regional responsibility for China, Hong Kong, Taiwan, and Singapore for Hoechst AG. Commenting on the announcement, Michael H. Jordan, chairman and chief executive officer of Westinghouse Electric Corporation, said, "Ernie's strategic business experience and financial skills fit perfectly with his new role, particularly his ability to add value for shareholders of companies undergoing major change. His appointment is a major milestone in preparation for the split of Westinghouse into separate industrial and media companies." Describing that experience, Mr. Jordan added, "His success at the most senior level of the world's largest chemical and pharmaceutical concern makes him an ideal choice to head a company that derives about half of its sales from outside the United States. He has established a proven track record of leading companies through successful transformations, focusing them to compete and win in the toughest markets. Ernie's leadership will accelerate the positive changes already underway to realize the full potential of the new Westinghouse Electric Company for its customers, employees, and shareholders." 1 2 Mr. Jordan added, "Over the past 18 months, we have rebuilt the operating and staff management team of the industrial group by advancing our existing Westinghouse leaders and attracting new management talent to the organization. In particular, at the business units we have a core of very seasoned presidents with over 100 years of experience with Westinghouse and the industries we serve. With the addition of Ernie, we now have a very strong management team." Looking ahead to his new position, Dr. Drew said, "I am confident about the future of Westinghouse's industrial businesses and our ability to improve performance for the benefit of our customers, employees and shareholders. We will build on strong market and technology positions, drive international growth, and incent managers and employees to achieve our goals. Westinghouse is about to enter an exciting new era, and I am proud to be part of it." Dr. Drew received his bachelor of science degree in chemistry at the University of Georgia in 1958 and his Ph.D. in organic chemistry at the University of Illinois in 1962. He served three years active duty in the Air Force as a Nuclear Research Officer, attaining the rank of Captain. He currently serves on the Boards of Public Service Enterprise Group (PSEG) and Thomas & Betts Corporation. Dr. Drew is heavily involved in educational activities, having been a member of the Board of Trustees of Drew University, Hampton University, and the Woodrow Wilson Foundation. He was also a member of President Bush's Commission for Excellence in Education for Hispanic Americans. Dr. Drew's wife, Katy, and son, Kevin, will be relocating with him to the Pittsburgh area. The Westinghouse Industries and Technology Group provides technology-based infrastructure products and services to utility, industrial and government customers worldwide. The Group is composed of five businesses with strong market positions in power generation, commercial nuclear power, government and environmental services, transport temperature control and process control systems. Later this year, Westinghouse Electric Corporation plans to separate its media and industrial businesses to from CBS Corporation and Westinghouse Electric Company, respectively. 2 -----END PRIVACY-ENHANCED MESSAGE-----