NEW YORK PHILHARMONIC ANNOUNCES PLAN FOR
TRANSITION TO NEW BOARD LEADERSHIP
Stephen Stamas and H. Frederick Krimendahl II, the Chairman of the Board
and President of the New York Philharmonic-Symphony Society, Inc. have announced
plans to step down from the positions they have held since 1984 and 1989,
respectively. At their request, a special committee has been formed to identify
their successors.
The committee will be headed by J. Carter Bacot. Other members are Gerald
M. Levin, William J. McDonough, Rita E. Hauser, and Guenther E. Greiner.
Additionally, Mr. Stamas and Mr. Krimendahl will be ex-officio members of
the committee.
"As the chairman of the committee, I am happy that we can carry out
our responsibilities in a deliberate manner," Mr. Bacot said, "because
we have the benefit of the ongoing leadership of Steve Stamas and Fred Krimendahl."
"While I plan to remain chairman for whatever time it takes for the
committee to conclude its work, I am delighted that we are carrying out
an orderly plan for succession," said Mr. Stamas.
Mr. Krimendahl added, "The Philharmonic, artistically and financially,
is in an enviable position today, and this is an appropriate time to begin
the transition."
Before becoming Chairman of the Board in 1989, Mr. Stamas had served as
the Philharmonic's President since 1984. As President, and now Chairman,
he has guided the continued artistic and financial health of the Orchestra.
Mr. Stamas, who was with the Exxon Corporation for 26 years in a variety
of positions, was from 1973 until 1986 vice president in charge Of the worldwide
public function. In this capacity he oversaw the expansion of its corporate
support of activities such as the "Live from Lincoln Center" telecasts.
He is vice chairman of the board of Rockefeller University, a vice chairman
of the board of Lincoln Center for the Performing Arts, Inc., and chairman
of the Marlboro Music Festival.
Mr. Krimendahl was elected President of the Philharmonic in 1989. He became
a member of the Society's Board in 1976. Since 1984 he has also been Chairman
of the Trustees, which manages the investments for the Philharmonic's endowment.
He has been with Goldman, Sachs & Co. since 1953, was made a partner
in 1963, and became a Limited Partner in 1987. Since 1992 he has been Chairman
of Petrus Partners Ltd., a private investment firm. Mr. Krimendahl is currently
on the boards of A.T. Cross, Civilization Magazine, Lincoln Center for the
Performing Arts, Inc., and the James Madison Council of the Library of Congress.
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FOR IMMEDIATE RELEASE
June 12, 1996
Contact: Lois Cohn
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