Eastman Revamps Board Of Directors

Eastman Chemical is making a number of changes to its board of directors. On Jan. 1, 2011, CEO James P. Rogers is becoming chairman, replacing former CEO J. Brian Ferguson, and independent director Gary E. Anderson, former CEO of Dow Corning, is becoming lead director. In addition, Eastman plans to "declassify" its board. If the measure passes at Eastman's next annual meeting, instead of having one-third of its directors standing for election every three years, each director will be elected every year. "The board believes these latest actions are in the best interests of Eastman and its stockholders and are further demonstration of the company's ongoing commitment to strong corporate governance," the company says. The position is a change of heart for Eastman. The company fought and lost a nonbinding proposal to declassify the board at its last shareholder meeting in May.