Copyright © 2002 NLThomas
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HULBERT, OK - David Stewart will become the President and Chief Executive Officer of Cherokee Nation Enterprises (CNE) effective May 15, the CNE Board of Directors announced in today's meeting. Stewart will leave his position as President and CEO of Cherokee Nation Industries (CNI) to fill the top slot at CNE. Both CNE and CNI are wholly-owned corporations of the Cherokee Nation.

"David Stewart has solid experience in both the private and public arenas,"said Dennis Dowell, a member of CNE's Board of Directors. "That experience provides Stewart with the expertise needed to ensure CNE's continued growth and success."

Stewart is a certified public accountant with more than 20 years executive management experience. He earned his Masters of Science degree in business from Oklahoma State University.

The change at CNI and CNE comes at a time when both businesses are at or near unprecedented peaks. Net profits for the first six months of this year have already topped the mark set in the entire previous 12-month period. Stewart took over at CNI in August of last year, when the business was faring poorly due to a nation-wide downturn in the telecommunications industry. Under Stewart's leadership, CNI's net profit in the first seven months of this fiscal year is up by more than $600,000 over all of the past fiscal year. CNI has also landed two major contracts totaling more than $25 million for its cable and wire harness division.

As Stewart arrives at CNE, the company is coming off three straight months of record profits. CNE, which had $9 million in net profit last fiscal year, has already made more than $10.6 million through the first six months of this fiscal year.

"I look forward to the challenge of leading CNE," Stewart said. "I see this as a great opportunity to continue CNE's charge as the tribes leader in economic development. Improving operational efficiency and bottom line profits while taking advantage of new business opportunities will be my focus at CNE."

CNE's growth has come under the leadership of David Tippeconnic, the former President and CEO of CITGO Petroleum Corporation, who has provided leadership for CNE since December. At that time, the CNE Board asked Tippeconnic to serve as an advisor charged with building sound management practices, upgrading the organization and finding a permanent CEO.

"The record profits are a tribute to our employees, from the ground-level on up," Tippeconnic said. "We are making major changes in some of our internal systems, organization and company culture, as well as identifying opportunities to increase income. These changes will position CNE for the continued growth it will experience in the near term. All of this activity demands a full time CEO at CNE. I am confident that David Stewart will serve CNE well."

"The positive effects of David Tippeconnic's leadership at CNE can not be overstated," said Chad Smith, Principal Chief of the Cherokee Nation. "Theeffect on the bottom line speaks for itself."

Tippeconnic will continue to serve as an advisor to CNE to fully implement the changes he has instituted. In the mean time, Stewart will oversee a transition phase as he leaves CNI.

"CNI is in very capable hands," Stewart says. "Our senior management personnel have years of industry experience and are pointed in the right direction for substantial growth. Our employees' determination and work ethic during this past year has proven their ability to step up." Stewart will continue to work with CNI on developing projects that he is already integrally involved in.

"I support this move 100%," said Jackie Bob Martin, a Cherokee Nation Tribal Council member and member of CNI's advisory board. "We are sorry to see David Stewart go, but CNI now has a solid direction for the future. I know that both CNE and CNI will continue to grow."