The KoSa board of directors has voted unanimously to appoint George B. Gregory as the company's new president and chief executive officer, effective immediately.

He succeeds Pedro Haas, who has resigned his position to pursue other interests.

Gregory has served as KoSa's chief operating officer since its formation in December 1998, with responsibility for the company's businesses and operations. Prior to joining KoSa, he was executive vice president for Koch Chemicals in Wichita, Kansas.

Of the leadership change, KoSa Chairman Isaac Saba said: "Our board of directors is very pleased that George Gregory has accepted the position of KoSa president and CEO. He has proven to be a very talented leader and has earned his new responsibility. We are confident in his abilities to lead KoSa for years to come.

"We also wish to thank Pedro Haas for his contributions to KoSa during the company's first 18 months of operation and wish him well in his future endeavors."

"I am flattered by the board's confidence and excited by the challenge of leading KoSa," said Gregory. "We have assembled a very talented team across our global operations, and I look forward to working with everyone to help achieve our shareholders' objective of profitable growth."

No changes are planned in KoSa's organizational structure. Haas' staff will now report to Gregory, while the businesses and operations will continue to report to him.

KoSa is one of the world's largest polyester producers. The company manufactures specialty and commodity polyester products as part of four global businesses: Packaging Resins, Intermediates and Polymers, Technical Fibers (Technical Filament and Tirecord), and Textile Fibers. With global headquarters in Houston, Texas, KoSa employs 10,000 people worldwide.

George B. Gregory
President and chief executive officer

George Gregory, KoSa president and chief executive officer, joined the company as its chief operating officer in December 1998. As COO, he was responsible for KoSa's global businesses (Intermediates and Polymers, Packaging Resins, Technical Fibers, and Textile Fibers) and all manufacturing operations. In addition, he has served as chairman of SAKOSA, KoSa's joint venture with Sabanci Holding in Turkey.

Prior to joining KoSa, Gregory held a variety of positions with Koch Industries Inc. He joined that company's Capital Services Group in 1995 and was later promoted to managing director of Koch Equities. He then transferred to Koch Chemicals as chief financial officer to help lead the strategic turnaround of the chemicals business. He was later named executive vice president of Koch Chemicals, with responsibility for domestic and international growth initiatives. He was one of the chief architects of the KoSa acquisition.

Before joining Koch, Gregory worked as a consultant for Monitor Company, a management consulting firm specializing in corporate strategy. At Monitor, he worked with leading US and international companies on strategic growth, mergers and acquisitions, business restructuring and cost improvement. Gregory began his career as a chemist with DuPont.