New Jersey News

December 25, 2002

Entrepreneur and philanthropist Russell Berrie dies at 69

Entrepreneur and philanthropist Russell Berrie died of heart failure at the age of 69. Berrie was chairman and CEO of Russ Berrie & Co., the Bergen County-based firm he started in 1963 out of a rented garage and which now accounts for nearly $300 million in sales. The company markets impulse gifts--including plush animals, mugs, and toys--through gift shops, greeting card outlets, airport stores and other retailers. Berrie was also one of the leading philanthropists in the nation, ranked in 1998 by Fortune Magazine as one of its 40 most generous Americans. In New Jersey, Berrie was a major supporter of Montclair State University, Fairleigh Dickinson University, Ramapo College, Englewood Hospital and Hackensack University Medical Center. In 1996, he set up an award, the Russ Berrie Prize for Making a Difference, that honors New Jersey residents for uncommon heroism and community service. Retired Automatic Data Processing CEO Josh Weston was appointed as acting chairman of the Russ Berrie & Co. board pending a search for a permanent CEO.

December 16, 2002

Kean named by President to head 9/11 investigation

Former Governor Thomas H. Kean, current president of Drew University, was named by President Bush to replace Henry Kissinger as the new chair of the commission to investigate the September 11, 2001 terrorism attacks and the events leading up to it. The White House released a statement from President Bush: "Tom Kean is a leader respected for integrity, fairness and good judgment. I am confident he will work to make the commission's investigation thorough. It is important that we uncover every detail and learn every lesson of September 11th. Governor Kean served on the advisory board to the President's initiative race from 1997 to 1998. He served as vice-chairman of the U.S. delegation to the 4th U.N. World Conference on Women in 1995; and led the U.S. delegation to the World Conference on Education for All in Thailand in 1990." Responding to questions from reporters, Presidential Press Secretary Ari Fleischer said that Governor Kean's name was discussed prior to the Kissinger appointment, and that the President believed that Kean's strengths were his "ability to bring people together", his close relationship with several of the victims' families and his management experience.

December 12, 2002

Fleet New Jersey announces new leaders

Fleet New Jersey, the state's largest banking institution in market share and a unit of Boston-based FleetBoston Financial, the seventh-largest financial holding company in the United States, announced that Douglas L. Kennedy and Bruce Wheeler will lead the New Jersey market operations following the retirement in March 2003 of veteran New Jersey bankers Joseph Semrod and Jack Collins. Kennedy, currently vice chairman of Fleet New Jersey, will assume Semrod's title as chairman of Fleet New Jersey and Wheeler, now regional manager of Fleet's Consumer Banking & Distribution organization in New Jersey and Pennsylvania, will succeed Collins as president. Semrod and Collins were the senior executives of the former Summit Bancorp, which was acquired by FleetBoston last year.

December 1, 2002

McCormick assumes presidency of Rutgers

Richard L. McCormick began work as the 19th president of Rutgers University. McCormick, previously the president of the University of Washington, was appointed in October at age 54 to replace President Francis Lawrence  after a six-month nationwide search. Lawrence announced earlier this year that he would resign as president, reportedly after pressure from Governor McGreevey. A former Rutgers dean and professor, McCormick initially rejected the Rutgers offer, but reconsidered after the Governor personally reassured him relating to the Administration's plans for the new structure of New Jersey higher education following the proposed merger of Rutgers with the New Jersey Institute of Technology and the University of Medicine & Dentistry of New Jersey.

November 29, 2002

Schering-Plough narrows CEO search

According to a Reuters report, the two top candidates to become the new CEO of Schering-Plough are Fred Hassan, CEO of Pharmacia, and former Warner-Lambert CEO  Executive Lodewijk de Vink, who now heads Global Health Care Partners, a healthcare venture investment firm owned by Credit Suisse First Boston. Pharmacia is currently awaiting completion of its merger into Pfizer, expected to close in the first quarter of 2003; Warner-Lambert was acquired by Pfizer in 2001 following a bitter takeover battle. Schering-Plough CEO Richard Kogan announced November 13 that he would retire prior to the April 2003 annual meeting, but the company's board is apparently seeking to fill the post quickly to restore confidence of investors and Wall Street analysts. Schering-Plough and Kogan have been criticized for sharp drops in the company's market value from its failure to develop new drugs to replace its best-selling allergy medication Claritin, which loses its patent protection in 2003,  and a series of production quality problems that have resulted in penalties from the Food and Drug Administration. In October, Schering-Plough announced that the Securities and Exchange Commission was investigating the circumstances leading to the selloff in its stock prior to its October 3 public announcement  that it would fail to meet its targets for earnings in the remainder of 2002 and for all of 2003.