An article in the business section on October 8 erroneously stated that Mr.

Curt Engelhorn, Mr. Karl Otto Pohl and Mr. Patrick Rich were leaving the board of directors of Bermuda-based Corange Ltd. In fact, all three men have been elected to the new board.

Bermuda-based health care products and services company Corange Ltd. has announced sweeping changes to its governing structure following top level meetings on the Island last week.

Corange, which is a private company, has accepted the recommendations of a report by strategic consulting firm Leutwiler and Partners.

L&P recommended that Corange's current board of directors resign and an independent board be set up comprising professional businessmen to "help stimulate the disciplines of a public company''.

Company spokesman Mr. Peter Warburton denied that there were plans to take Corange public.

"We are most definitely not interested in becoming a public company,'' he told The Royal Gazette .

"The businesses made up of Corange have been owned by the Engelhorn family family for exactly 100 years and largely owned by them since the 1850s. That is not going to change.

"The company felt there was a need for a very clear separation of functions and, most importantly, have an independent board comprised of people of high stature, commercial standing and reputation.

"The main reason for that is that the business of the group has grown so dramatically over the last five years.

"To a certain extent the institutions we had and the way we managed our activities has been outgrown by the pace at which the business has grown.'' The new changes will include: management reporting to the board; the board reporting to the shareholders, and; the shareholders, who are, in some cases, the Bermuda-based Trustees for the Engelhorn family, reporting to the beneficial owners of the company.

Corange's board discussed the proposals in Bermuda last week and voted unanimously to accept them and to resign.

Among those who have left the board are Mr. Curt Engelhorn, chairman, who will continue as CEO on an interim basis; Mr. Karl Otto Pohl, deputy chairman, who is a former chairman of the German Bundesbank; and Mr. Patrick Rich.

Continuity from the previous board was secured by the election to the new board of Mr. Donald Frederickson, and Bermudian Mr. Nicholas B. Dill, vice president of the company. Bermudian lawyer Mr. Alex Cooper was also appointed a director of the company.

Corange Ltd. is the Bermuda registered parent company of the Boehringer Mannheim and DePuy group of companies, which has a significant presence in the world health care market.

CURT ENGELHORN, stays on as interim CEO.