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Dow's Joyce Jumps Ship To Hercules
MARC REISCH
He spent only a few months as vice chairman of Dow Chemical, and now William H. Joyce, 65, is captain of financially beleaguered Hercules as its chief executive officer and member of the board.
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Joyce, chairman of Union Carbide before its sale to Dow in February, walks into a company that is losing money and laden with debt. It is also engaged in a proxy battle with ISP, its largest shareholder. ISP wants to start its own cost-cutting program, install its own permanent CEO, and sell Hercules' businesses on its own terms.
Based on Joyce's success in reviving and then selling Carbide, Hercules Director Edith E. Holiday says, "The board believes Bill's insight and determination combined with his proven track record make him ideally suited to lead Hercules."
Chairman Thomas L. Gossage will work at merging or selling Hercules while Joyce attempts to steady the businesses. Joyce will become chairman when Gossage relinquishes the title on July 1.
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