Cerberus Capital Management Appoints John W. Snow as Chairman

Oct 19, 2006, 01:00 ET from Cerberus Capital Management, L.P.

    NEW YORK, Oct. 19 /PRNewswire-FirstCall/ -- John W. Snow, the 73rd
 Secretary of the Treasury of the United States of America, has been
 appointed Chairman of Cerberus Capital Management, L.P. Prior to becoming
 Secretary of the Treasury in February 2003, Secretary Snow was Chairman and
 Chief Executive Officer of CSX Corporation.
     "It's an honor to have a person of Secretary Snow's stature join the
 Cerberus team," said Stephen Feinberg, CEO of Cerberus Capital. "Secretary
 Snow has worked tirelessly, traveling the globe, to build a consensus on
 global economic issues. We will benefit enormously from his vast experience
 in business operations as well as his keen insights to economic trends and
     Mr. Snow also held several high-ranking positions in the Department of
 Transportation during the Ford Administration. Additionally, Mr. Snow
 served as Chairman of the Business Roundtable, comprised of 250 CEO's of
 the nation's largest companies. He has served on various corporate and
 non-profit boards, including Johnson & Johnson, USX, Verizon, the
 University of Virginia Darden School, and Johns Hopkins University.
     Mr. Snow holds a Master's Degree from Johns Hopkins University and a
 Ph.D. in Economics from the University of Virginia, a J.D. from George
 Washington University, a B.A. from the University of Toledo and numerous
 honorary degrees. He has also served on the faculty of several academic
     About Cerberus:
     Established in 1992, Cerberus Capital Management, L.P. is one of the
 world's leading private investment firms with $16.5 billion under
 management in funds and accounts. Through its team of more than 275
 investment and operations professionals, Cerberus specializes in providing
 both financial resources and operational expertise to help transform
 undervalued companies into industry leaders for long-term success and value
 creation. Cerberus is headquartered in New York City, with offices in
 Chicago, Los Angeles, and Atlanta, as well as advisory offices in London,
 Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can
 be found at www.cerberuscapital.com.
     Media Contact:
     (212) 891-1558

SOURCE Cerberus Capital Management, L.P.