SOURCE: RHJ International SA

September 11, 2006 03:25 ET


BRUSSELS, BELGIUM -- (MARKET WIRE) -- September 11, 2006 --

  * Hideki Kurashige, Former President and CEO of Japan Telecom, Will
    Join Newly Formed RHJI Industrial Partners Asia, Inc. in October
    2006 as Industrial Partner and Serve as Senior Managing Director
    and President, Focusing on Investments and Value Enhancement of
    Portfolio Companies. Ryuichi Tomimura, a Former Top Executive at
    Japan Telecom, Will Also Join in October and Serve As Managing
    Director and Executive Vice President
  * William Donaldson, Former Chairman of the U.S. Securities &
    Exchange Commission, Joins RHJI as a  Senior Advisor

  * Greg Brenneman, Former Chief Executive Officer of Burger King,
    Joins RHJI and Will Serve as a Global Industrial Partner;
    Continues as Chairman and CEO of TurnWorks, Inc.
  * Richard Shirrefs Appointed RHJI's Executive Vice President With
    Responsibility for Oversight of Non-Automotive Investments
  * Anthony Barone, RHJI's Interim Chief Financial Officer, Assumes
    Additional Responsibility For Oversight of Automotive-Related
  * Jean-Marc Roelandt Appointed Vice President, Finance and
Brussels, September 11, 2006 - RHJ International (Euronext: RHJI) announced today that it is creating a new subsidiary that will focus on additional investment opportunities in Asia, named two new senior advisors and made a series of top level management appointments.

The new subsidiary called RHJI Industrial Partners Asia, Inc. will complement the existing efforts of RHJI's Tokyo-based operation and will focus on new investments and the enhancement of existing investments throughout Asia.

Effective October 2006, the new business will be headed by Hideki Kurashige, a former Director, President and CEO and Representative Executive Officer of Japan Telecom Co., Ltd. He will serve as an Industrial Partner, Senior Managing Director and President of the business unit. Mr. Kurashige is currently a director of SOFTBANK Corp. and has held various senior management positions at IBM Japan and was Chairman and CEO of PWC Consulting Japan.

Additionally, Ryuichi Tomimura is also joining in October RHJI Industrial Partners Asia as Managing Director and Executive Vice President. He most recently served as a Director, Representative Executive Officer and Senior Executive Vice President at Japan Telecom Co., Ltd. Mr. Tomimura has held senior level positions at both IBM Corporation and PWC Consulting. He is currently a director of SOFTBANK IDC. Corp. and is an advisor to IBM Japan, among other responsibilities.

Timothy C. Collins, Chief Executive Officer of RHJI, said, "We are especially pleased to form RHJI Industrial Partners Asia and to have attracted two of the most distinguished executives in Japan, Mr. Kurashige and Mr. Tomimura. Both possess vast business experience in Japan and other parts of Asia and will be critically important in helping us identify, invest in and manage new investments in that region of the world. We believe their skill sets very much complement the outstanding executive talent that RHJI has long possessed in Tokyo."

Former Chairman of U.S. Securities & Exchange Commission Joins RHJI

RHJI is also pleased to announce that William H. Donaldson, who most recently served as the 27th Chairman of the U.S. Securities and Exchange Commission ("SEC"), has joined RHJI as a Senior Advisor. In this role Mr. Donaldson will consult closely with Mr. Collins on a variety of special projects that impact the business of RHJI, its portfolio companies, corporate governance and its future investment strategies.

Prior to heading the SEC from 2003 until 2005, Mr. Donaldson was Chairman, President and Chief Executive Officer of Aetna, Inc., one of the largest providers of health insurance and related benefits in the U.S. Before that he served as Chairman and Chief Executive Officer of the New York Stock Exchange. Earlier in his career, Mr. Donaldson was the Co-Founder and Chief Executive Officer of the investment banking firm of Donaldson, Lufkin & Jenrette and helped found its wholly owned subsidiary, Alliance Capital Management Corporation. He also co-founded the Yale University School of Management, where he served as the graduate school's first dean and professor of management studies. His government service spans five U.S. presidential administrations and includes serving as Under Secretary of State to then Secretary of State Henry Kissinger, and Counsel and Special Advisor to Vice President Nelson Rockefeller.

"Bill is a world class business executive and distinguished public servant," said Mr. Collins. "His long list of accomplishments and track record speaks for itself and is legendary. We are truly honored that he is joining RHJI as a Senior Advisor. We look forward to benefiting from his extraordinary judgment and experience."

Former CEO of Burger King Joins RHJI as a Global Industrial Partner

RHJI also announced that Greg Brenneman, former Chief Executive Officer of Burger King Corporation and presently Chairman and Chief Executive Officer of TurnWorks, Inc., has entered into an agreement to join RHJI as a Global Industrial Partner. In this role, Mr. Brenneman will provide RHJI with investment and strategic leadership to RHJI's various investment initiatives, as well as lend his management experience to RHJI's existing portfolio companies. Mr. Brenneman has entered into a similar arrangement with Ripplewood Holdings LLC. Mr. Brenneman will continue to serve as Chairman and Chief Executive Officer of TurnWorks, leading the company in its business activities.

As CEO of Burger King, Mr. Brenneman was responsible for leading the company's turnaround. Prior to Burger King, Mr. Brenneman served as the President and Chief Executive Officer of PricewaterhouseCoopers Consulting, where his turnaround and restructuring efforts led to IBM's purchase of the business for $3.5 billion. From 1995 until 2001, Mr. Brenneman served as President, then Chief Operating Officer and Director of Continental Airlines, where he oversaw what is considered one of the most successful turnarounds in the history of American business.

Mr. Collins said "We are excited to have Greg as a Global Industrial Partner. Greg brings a resume of achievement that will undoubtedly add value to our organization, and I look forward to working with him for the benefit of our investors."

RHJI Senior Executive Appointments

RHJI announced the appointment of Richard Shirrefs as the company's Executive Vice President with responsibility for non-automotive investments, including the monitoring of such platform investments and managing related investment opportunities and supporting RHJI's strategy in current and new industries. Prior to joining RHJI, Mr. Shirrefs served as Chief Financial Officer and then Chief Executive Officer of Eurotunnel.

The company also announced that Anthony Barone, RHJI's interim Chief Financial Officer will assume additional responsibility for the company's automotive-related investments, including monitoring existing platform investments, managing related investment opportunities, and supporting RHJI's strategy in the automotive sector. Prior to becoming RHJI's interim Chief Financial Officer in February 2006, Mr. Barone served as the Chief Financial Officer of Honsel International Technologies, a RHJI portfolio company. Before that, Mr. Barone served as the Chief Financial Officer of Tower Automotive.

And, finally, RHJI has appointed Jean-Marc Roelandt to Vice President, Finance and Accounting. Prior to joining RHJI, Jean-Marc Roelandt was a certified public accountant in Belgium and served as Chief Financial Officer of Ubizen NV. In his role he will bring additional skills and expertise to RHJI's financial management and reporting.

"Richard, Tony and Jean-Marc are highly talented executives. We look forward to benefiting from their responsibilities in their new roles, their energy and the commitment they bring to the RHJI. Importantly, we believe all the announcements made today will have the benefit of strengthening and deepening our organization strength to better achieve RHJI's strategic objectives," concluded Mr. Collins.

About RHJ International:

RHJ International (Euronext: RHJI) is a limited liability company organized under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. It is a diversified holding company focused on creating long-term value for its shareholders by acquiring interests in businesses in attractive industries in Japan and elsewhere. For further information visit:

For further information, please contact:
Arnaud Denis
Investor Relations

Copyright © Hugin ASA 2006. All rights reserved.

Contact Information