Cabot announced Monday that Patrick Prevost has stepped down as president and CEO.
The company appointed Sean Keohane, head of Cabot’s reinforced materials segment, to serve as president and CEO and be a member of the board. Prevost had taken temporary medical leave in December 2015 to recover from the effects of a minor stroke.
“I would love to continue to lead this extraordinary organization, but while I continue to focus on my recovery, I am unable to devote the time required to be as effective as I would like,” Prevost says. “It is in the best interest of our employees and our shareholders for me to resign as CEO at this time.” Prevost will continue to be an adviser and director at the company. “Patrick has made significant contributions to Cabot, and under his direction the performance of the company has improved significantly,” says John O’Brien, Cabot’s nonexecutive chairman, “We appreciate Patrick’s commitment to Cabot over the last eight years.”
Keohane joined Cabot in 2002 and has held several key management positions, including senior v.p. and president/performance materials. Prior to joining Cabot, Keohane worked for Pratt & Whitney, a division of United Technologies. “Sean’s experience leading both the reinforcement materials and performance chemicals segments, as well as the company’s commercial excellence initiative, will enable him to be successful in the CEO role,” O’Brien says. “Sean has been a true champion of Cabot, and the board has full confidence in his ability to continue to grow and strengthen Cabot.”
By Robert Westervelt
Source: Chemical Week
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.