Several announcements were made at a recent meeting of the Modern Holding Company board of directors.

Effective March 6, 2003, Joseph McEwen, Modern Group’s founder and board chairman, stepped down as chairman of the board in a planned transition. He will remain as a director.

John F. Smith was elected as chairman of the board and as chairman will have responsibility for the creation and management of three board committees: audit, compensation, and safety and governance.

In addition, he will oversee the ESOP transaction currently under way and will assist the company with the updating of its ongoing, long-term strategy.

David Griffith will continue to report to the board of directors as president and chief executive officer of Modern Holding Company with the responsibility for the overall operation and direction of the company.

For more information, visit www.moderngroup.com.