Cook Resigns As Hercules Co-CEO

Hercules Inc. (Wilmington, DE) has announced that William Cook has resigned from the company and from the board of directors. He was vice chairman of the Hercules board and co-CEO.

Cook joined Hercules with the merger of BetzDearborn Inc. He had been chairman, president, and CEO of that company.

Keith Elliott, chairman of the Hercules board and co-CEO with Cook, will resume the CEO position. According to Elliott: "Bill Cook and I entered this endeavor with the belief that the co-CEO structure could work.

"In the four months since we announced the merger, we have worked together and both realize that clarity and a singular focus are key ingredients for successfully integrating Hercules and BetzDearborn. We both recognize the organizational concept of co-CEOs is not best for achieving this clarity and, therefore, Bill has elected to resign."

Elliott said, "While we feel this action is in the best interest of shareholders and employees, Bill's wisdom and experience will be greatly missed. He will continue to work with Hercules as a consultant for the near-term future."

Cook will leave the company shortly.