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Picanol Announces Resignations

Patrick Steverlynck and Jan Coene recently resigned as chairman and CEO, respectively, of Belgium-based weaving machine manufacturer Picanol NV. The company's Board of Directors has appointed Luc Van Nevel, an independent director of the company and chairman of the Audit Committee, as interim chairman and CEO. The resignations came in the wake of disclosure of details in Coene's remuneration package that had not been communicated originally to the company's corporate bodies and committees. The details include a sign-up fee paid in shares of Picanol stock. During Coene's three-year tenure as CEO, the company's value tripled, and its stock underwent a 1:40 split, thus increasing significantly the value of of his sign-up bonus. Upon his resignation, Coene agreed to return the bonus, worth 6.6 million euros gross, to Picanol. Steverlynck continues to serve the company as a director and vice chairman. He and A. Michielsen, chairman of the Nomination Committee, are assisting Van Nevel in the recruitment of a new CEO.

"The Board of Directors of Picanol NV has faith in the future of the company," Picanol stated in a press release announcing the resignations. "Jan Coene has indeed built a strong management team and provided the company with a healthy financial structure and organization. The company thanks Jan Coene for his efforts and commitment, and wishes him all the best in his future career." Picanol also stated a recent review of its books shows they have been kept correctly over the past years.

January 2005