6-30-99

Contacts:
Benjamin Allen , Dean, College of Business, (515) 294- 2422
David Smith, College of Business, (515) 294-8106
Kevin Brown, News Service, (515) 294-8986

HAYES NAMED TO PIONEER HI-BRED INTERNATIONAL CHAIR IN AGRIBUSINESS IN ISU'S COLLEGE OF BUSINESS

AMES, Iowa -- Dermot Hayes, professor of economics and professor of finance, has been named to the Pioneer Hi-Bred International Chair in Agribusiness in Iowa State University's College of Business. He will assume the position July 1.

The endowed chair, founded in 1985, had been held by Max Wortman, Distinguished Professor of management. Wortman will continue his faculty and research duties.

"The College of Business is excited about Dermot Hayes serving as the Pioneer Hi-Bred International Chair in Agribusiness and building upon the strong foundation provided by the current and inaugural chair holder, Max Wortman," said Benjamin Allen, dean of the College of Business. "Professor Hayes is an exceptional researcher and teacher, is well respected for his expertise on agribusiness issues, and will serve to enhance the collaborative efforts between the colleges of business and agriculture."

As holder of the Pioneer Chair, Hayes will teach a spring semester MBA course on the workings of the futures and options markets, option pricing, reinsurance, vertical coordination, and world grain and livestock markets.

Hayes will continue his faculty position in economics in addition to his new duties as a professor of finance. He researches international agricultural trade, especially trade involving meat products. He has also completed a comprehensive analysis for government officials on how the General Agreement on Tariffs and Trade (GATT) outcome would affect U.S. commodity prices.

Hayes earned first class honors in agricultural science in 1981 from University College, Dublin, Ireland; a master's degree in agricultural economics from the University of California -- Berkeley in 1982; and a Ph.D. in agricultural economics with a specialization in international trade, also from Berkeley, in 1986. He has been with ISU since 1986.

"As Pioneer Chair, I will be working on teaching and research issues of relevance to agribusiness firms, in particular, the seed industry," Hayes said of the appointment. "I am honored that the College of Business has offered me this chair. The position description suits my interests perfectly."

Hayes' appointment will provide the College of Business' finance department with a core focus in agriculture, said David Smith, department chair for accounting and finance.

"We are looking forward to Dermot Hayes adding an agricultural finance dimension to the department," Smith said.

"Iowa State is well known for its interest and dedication to agriculture worldwide," said Hal Thorne, vice president and director for Africa, Asia, Middle East and China operations for Pioneer. "This is a natural place for us to sponsor on- going research and debate on ag related issues. We are hopeful that the Iowa State Chair funded by Pioneer will become a focal point for coordinating and stimulating ideas central to the changing agricultural landscape."

Pioneer Hi-Bred International, Inc., (NYSE-PHB) is the world's leading supplier of agricultural genetics and is the leading developer and integrator of agricultural technology. Headquartered in Des Moines, Pioneer Hi-Bred International develops, produces and markets a full-line of seeds, microbial products and services to farmers, grain processors and other customers worldwide.

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Revised 6/30/99