Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.
With the simplified organizational structure and operational model, Neste secures the execution of its growth strategy with improved cost-efficiency and strengthens its long-term competitiveness. The planned organizational changes were expected to lead to a reduction of approximately 400 job roles globally. In Finland, following thorough change consultations, the number of job roles to be reduced has been confirmed at about 320. In addition, it is estimated that 70 job roles will be reduced globally. Neste offers its employees support in adapting to the situation in different ways.
The restructuring is expected to result in total annual cost savings of approximately EUR 50 million. Neste communicated on its Capital Markets Day in June 2023 that it is targeting over MEUR 350 value creation with its Neste Excellence program by the end of 2026, compared to the year 2022 acting as the new base year. The organizational changes and a more streamlined development portfolio are concrete steps in the program.
By Mary Bailey
Source: chemengonline.com
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
