Paxonix Announces James R. Chambers as Chief Executive Officer.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 14, 2001

Paxonix (www.paxonix.com) today announced the appointment of James R. Chambers as the company's Chief Executive Officer. Chambers was asked to lead the development and rollout of Paxonix's Internet-enabled environment

Paxonix is aimed at helping consumer product companies improve profitability and global competitiveness through accelerated speed-to-market and increased efficiencies in their packaging and product-development efforts. Paxonix is an independent business created by Westvaco (NYSE:W), which was also among its 18 charter members when the company was announced in December 2000.

Chambers comes to Paxonix with more than 20 years' consumer packaged goods experience in both new- and old-economy companies, including Nabisco, Inc., Information Resources, Inc. (IRI) and, most recently, Netgrocer.com, Inc. He brings a strong track record as a business builder with an ability to grasp issues and frame solutions quickly, and with a talent for successfully improving business processes, aligning marketing and sales with marketplace needs and charting new business directions.

In his new role, Chambers will lead Paxonix's implementation of a comprehensive business solution that advances the way companies design and commercialize packaging for global distribution.

"Paxonix is leveraging new technology to create a more integrated and collaborative approach to product and packaging commercialization, which is something that hasn't been done before," he says. "We see an enormous payoff in accelerating speed to market, creating operational efficiencies and improving customer profitability. Over time, we believe that Paxonix can become the partner of choice for consumer product companies who wish to develop and introduce products better and faster, which is the true essence of our value proposition."

Before joining Paxonix, Chambers served as Chairman, CEO and President of Netgrocer.com, the first nationwide online supermarket to deliver nonperishable groceries, health and beauty aids and related merchandise. Among his accomplishments there, he led dramatic revenue and customer growth, expanded and improved the company's funding base and defined and implemented a partner-based marketing strategy.

Previously, Chambers served as Group President of IRI, a $500 million multinational provider of consumer market tracking information services and solution software to leading package goods companies and retailers. At IRI, Chambers had general management responsibility for the company's U.S. operations, as well as for the firm's worldwide entry into e-commerce. He also changed IRI's business course, creating and implementing more directed, customer-focused business strategies and pioneering use of the Internet to deliver IRI's products and services.

Earlier in his career, Chambers spent 17 years at Nabisco, where he held a variety of general management and functional leadership positions, including President, Refrigerated Foods; Senior Vice President, Sales and Distribution; and Vice President, Information Technology. Among his notable contributions was his role, as President of Nabisco's Refrigerated Foods division, in turning around this independent, $600 million business unit that consists of popular brands such as Parkay, Fleischmann's and Blue Bonnet margarines.

In addition, as Nabisco's Vice President of Sales and Distribution, Chambers led the company's $4 billion Snack division to three consecutive years of record growth in profits, revenues and market share. He also centralized the division's IT organization to reduce costs and improve the effectiveness of its technology applications.

Chambers graduated from Princeton University with an Honors Degree in Civil Engineering and received his MBA in Finance and Accounting from The Wharton School of the University of Pennsylvania.

About Paxonix

Created by Westvaco Corporation (NYSE:W) and launched in December 2000, Paxonix (www.paxonix.com), with headquarters in New York, is an Internet-enabled environment aimed at helping consumer product companies improve profitability and global competitiveness through accelerated speed-to-market and increased efficiencies in their packaging and product-development efforts. The company's targeted customers are healthcare, cosmetic and personal care, high-tech and other consumer product manufacturers who require packaging that is innovative, consistent across international boundaries and capable of enhancing their speed-to-market.

Paxonix combines domain expertise in packaging with the vast collaborative and facilitative powers of the Internet, giving consumer product companies access to: an integrated suite of hosted software and process improvement tools designed to enhance packaging launch capabilities; professional services providing process/industry knowledge and guidance; and a global member network of best-in-class providers of packaging products and services.

Paxonix's charter members include: Alfred Wall AG; Arthur D. Little; Cordiant Communications Group plc; Continental Packaging Co., Ltd.; Excell Press Co., Ltd.; Furubayashi Shiko Co., Ltd.; Goncalves S.A. Industria Grafica; International Print-O-Pac Ltd.; Interpack S.A.; Ivex Packaging Corporation; Landor Associates; Marinetti Packaging; Nampak Limited; New Island Printing Co., Inc.; PCI Services; Printpack Inc.; Tien Wah Press Holdings BHD; and Westvaco Corporation.

Following an introductory period during which a pre-launch Web site will be used to familiarize customers and members with the company's tools and services, Paxonix will officially open for business during the first half of 2001.