Cabot president and CEO Patrick Prevost will take a medical leave of absence to recover from a minor stroke, the company says. Prevost expects to resume CEO duties in January.
An interim office of the CEO will take up CEO duties during Prevost’s absence. The office includes executive v.p. and CFO Eduardo Cordeiro, senior v.p. and general counsel Brian Berube, executive v.p. and president/reinforcement materials Sean Keohane, and executive v.p. and president/performance chemicals and specialty fluids Nicholas Cross. The CEO office will report to the board with oversight provided by non-executive chairman John O’Brien, Cabot said in a regulatory filing.
“Patrick has the full support of the board, and we wish him a speedy recovery,” O’Brien says. “While Patrick is recovering, I will be working closely with the CEO Office. I am confident that they will ensure the continued execution of the operational objectives that have been set for fiscal 2016 as well as the company’s strategic initiatives.”
Prevost, who was named Cabot CEO in 2008, intends to interact with the interim CEO office during his leave. “It is in Cabot’s best interest, and mine, that I focus on my health during my leave of absence,” Prevost said. “I look forward to fully re-engaging with the business in the near future.”
By Vincent Valk
Source: Chemical Week
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).