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New President for New Valley

June 12, 1991

UPPER SADDLE RIVER, N.J. (AP) _ James F. Calvano was elected Wednesday as president and chief operating officer of New Valley Corp., formerly known as Western Union Corp.

Calvano succeeds Robert J. Amman, who has been elected vice-chairman of the board and continues as chief executive officer.

Calvano, 54, has over 30 years of experience in consumer-oriented businesses, the company said. Before joining New Valley, Calvano was president and chief executive officer of Carlson Travel Group in Minneapolis.

Stockholders voted in April to change the company’s name to New Valley in order not to sully the Western Union moniker if it makes a bankruptcy filing.

New Valley faces a $42.2 million payment due June 15 on some of its bonds and an annual $25 million payment on pension benefits. In 1992, $170 million in bond principal payments come due.

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