GREENWICH, Conn.-- UST Inc. announced that Vincent A. Gierer Jr. plans to retire as chief executive officer at the end of 2006; that Murray S. Kessler, currently president of UST's principal operating subsidiary, U.S. Smokeless Tobacco Co. (USSTC), has been named president and chief operating officer, UST, and elected to the Board of Directors; and that Daniel W. Butler has been promoted to president, USSTC.
Gierer has served as CEO since 1993 and president since 1990. Upon his retirement, the board intends to have Gierer serve as non-executive chairman [image-nocss] of the UST Board of Directors.
I intend to remain as CEO for one more year in order to help lead the company through the succession process and the key strategies recently announced to enhance adult consumer loyalty to our smokeless tobacco business, Gierer said. Our wine business continues to outperform the domestic wine industry, and our smokeless tobacco category growth initiative, including the increase in appeal to adult smokers, has clearly been a success. It has become apparent, however, that in 2006 we will need to deliver greater value to our premium moist smokeless tobacco adult consumers in the more economically challenged areas of the country in order to get us back on the long-term growth track. I intend to see that through.
In his new position, Kessler will be responsible for UST's major operating subsidiaries, USSTC and International Wines & Spirits, which does business as Ste. Michelle Wine Estates; as well as UST's corporate communications, investor relations and government relations functions. Kessler joined USSTC in 2000 and was named president that same year.
Butler joined USSTC in 2004 as executive vice president and general manager and has been responsible for the company's sales, marketing, strategic analysis and financial planning. Butler was previously executive vice president and general manager of the Nabisco Biscuit Division of Kraft Foods.
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