Richard Deneau, Anchor Glass' president and chief executive officer, will continue to serve as ceo; Mr. Campbell will continue to report to Mr. Deneau. Peter Reno, currently vice president of finance, has been named interim chief financial officer.
Mr. Deneau, 57, joined Anchor Glass in 1997 as president and chief operating officer and became chief executive officer in 2002. In his new role, he will devote a significant proportion of his time to leading Anchor Glass's long-term strategic development effort. Mr. Campbell, 39, joined Anchor Glass in 2000 as vice president, pricing and business development, was named executive vice president of sales in 2001 and became chief financial officer and 2002. Mr. Campbell spearheaded Anchor Glass's successful sales initiatives and recent re-capitalization, and will be responsible for day-to-day execution of the company's strategies. Mr. Reno, 39, joined Anchor Glass in 2002 as vice president of finance and has led Anchor Glass' financial reporting organization.
Mr. Deneau, chief executive officer, stated, "This change represents the next step in our corporate evolution and comes at a time when changing dynamics in glass demand call for greater resourcefulness and ingenuity at Anchor Glass. With Darrin responsible for day-to-day activities, my role as ceo will emphasize the exploration of long-term opportunities to drive the top line, including possible business combinations or arrangements that lever Anchor Glass's capital investments in our manufacturing operations and our strengthened financial foundation. Darrin's strong background in operations, asset management, and customer relations in the container industry makes him the ideal candidate to accelerate the next phase of our productivity enhancement initiatives. "
Darrin Campbell stated, "I am very pleased to accept this important executive role at Anchor Glass. We have already made substantial progress in increasing asset productivity, but considerable EBITDA potential remains to be harvested. Our mission over the next 18 months is to realize our opportunities to improve asset utilization and drive cost reductions, with the objective of achieving a $50 million free cash flow run rate by the end of 2005. (Free cash flow equals EBITDA less accrued cash interest and net capital expenditures.) To achieve this, I have passed the financial reins into Pete Reno's highly capable hands. Pete has played an instrumental role in our initial public offering and in overseeing our financial reporting organization, and is ready to tackle this challenge."