Frasher Steps Down as ACL CEO

Thursday, April 22, 2004
American Commercial Lines LLC announced that Stephen A. Frasher will step down as President and CEO effective April 30, 2004. ACL will make the following executive changes on that date.

Richard L. Huber will assume the position of Chief Executive Officer of American Commercial Lines LLC. Mr. Huber has been a member of the ACL Board since 2000, and currently serves as its Chairman. Mr. Huber has over forty years of investment and merchant banking, international business, and management experience, having held executive positions with Chase Manhattan Bank, Citibank, Bank of Boston, and Continental Bank. He was most recently CEO of Aetna, Inc. A Director of Opticare Health Systems Inc., Danielson Holding Corporation, and Chairman of UABL Ltd., he is also an investor and director of several privately owned companies in South America. Mr. Huber is a retired officer of the U.S. Coast Guard Reserve. W. Norb Whitlock will become President and Chief Operating Officer of American Commercial Barge Line LLC, Louisiana Dock Company LLC and American Commercial Terminals LLC and will join the ACL Board of Managers. Mr. Whitlock has been with American Commercial Barge Line since 1979, holding numerous executive positions. He has most recently been serving as Senior Vice President of Operations. Mr. Whitlock plays a prominent role in the inland marine industry, currently serving as Vice Chair of the Inland Waterway Users Board. He has previously served as Chair of that Board, in addition to serving on the Executive Committee of The American Waterways Operators, as Chairman of the River Industry Executive Task Force, and as a member of the Board for Waterways Works and MARC 2000. Mr. Whitlock was Chief of Operations for the Louisville District, U. S. Army Corps of Engineers prior to joining ACL.

Mr. Huber said “Since filing for Chapter 11 on January 31, 2003, ACL has made a number of operational and structural changes that have resulted in a more streamlined and profitable organization. We appreciate the guidance and leadership of Stephen A. Frasher who is leaving ACL to join Seaspan International, Inc. as its Chief Executive Officer. Seaspan, headquartered in Vancouver, B.C., is Canada’s largest blue water marine transportation company. I agree with Steve Frasher’s assessment that his departure will not adversely impact ACL’s reorganization effort because a comprehensive five-year business plan has already been crafted. Steve and I have every confidence that Norb Whitlock and the rest of the ACL management team will complete the work necessary to emerge from Chapter 11 and launch a successfully reorganized ACL. I am dedicated to giving them all the support they need to achieve that goal.”

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