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New Organizational Structure

July 18, 2006

Polymer Group, Inc. (PGI) has put into place a new organizational structure designed to better serve the company’s customers and growth strategies in its developed markets. The company named Michael Hale vice president and general manager, U.S. and Europe. He has been with the company for more than 30 years and has led the U.S. nonwovens operations since 2003. Mr. Hale will assume executive leadership for the company’s European region effective July 1. Jan Averes, vice president and chief financial officer of PGI Europe, will assume daily management oversight of the European business. He will report to Mr. Hale. Rolf Altdorf, vice president and managing director, Europe, will be leaving PGI, effective June 30.

“Our increasingly global customer base and strong growth continues to require business approaches that reach across our regional organizational structure,” said PGI CEO James Schaeffer. “I am confident that our new organizational structure under Mike Hale’s leadership will result in future growth in our developed markets.”
David Ferraro, chairman and chief executive officer of Buckeye Technologies, will retire in September. In anticipation of Mr. Ferraro’s retirement, the board has elected John Crowe, currently Buckeye president and chief operating officer, to the office of chairman and chief executive officer succeeding Mr. Ferrar,  effective July 1.

Other key management changes are being made in accordance with the company’s succession plan. Among them, Kristopher Matula, currently executive vice president and chief financial officer, will succeed Mr. Crowe as president and chief operating officer. Steven Dean, currently vice president and controller, will succeed Mr. Matula as chief financial officer.

The other members of Buckeye’s executive team will continue in their current roles. In a recent statement, Mr. Ferraro said he feels comfortable retiring now because the company has a strong leader with wide industry experience ready to succeed him. “John Crowe has served as our president for the last three years. In addition to his Buckeye experience, he has held senior positions with Weyerhaeuser and Parsons & Whittemore,” he said.