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Chemonics Welcomes New Majority Owner and Chairman

Chemonics staff welcomed a new board chairman and owner Tuesday after majority ownership of the company transferred from one shareholder to another.

In a deal concluded on Sept. 1, 2006, Eyk Van Otterloo, a board member and shareholder since 1999, purchased all of Scott Spangler’s shares.

Spangler had been a board member and shareholder since 1999, and chairman since 2004. Spangler was named chairman following the death of Thurston F. Teele. Teele, who founded Chemonics International in 1975.

In addition to naming Van Otterloo chairman Tuesday, the board accepted the resignations of Spangler and his wife, Jean, and appointed to the board Teele’s widow and shareholder, Barbara. She joins Van Otterloo, former Chemonics President and CEO Ashraf Rizk, and four other board members.

A resident of Massachusetts, Van Otterloo is a private investor and a founding member of GMO, a Boston-based investment management firm. A graduate of Harvard Business School, he worked for the OECD on economic development issues impacting Tanzania and later for Keystone Funds, an assets management company.

Van Otterloo also serves on the boards of the United World Colleges, the Boston Museum of Fine Arts, and the Boston Science Museum.

9/6/2006
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