Former Chemtura chairman and CEO Craig Rogerson has been named chairman and CEO of Hexion, effective 10 July. Current CEO Craig Morrison will retire from his role as of 9 July.
Rogerson was CEO of Chemtura from December 2008 until the company closed its sale to Lanxess on 21 April 2017. Prior to that, he was CEO of Hercules from 2003 to 2008, when that company was sold to Ashland. He joined Hecrules in 1979 and served in a variety of management roles prior to becoming CEO.
At Chemtura, Rogerson slimmed down the company’s portfolio, selling pool chemicals and agchems businesses, focusing the company on a variety of industrial specialties and bromine products. Rogerson actively pursued M&A at Chemtura, saying in 2015 that the company was seeking a “buy, sell or merge” transaction. Lanxess agreed to acquire Chemtura for $2.70 billion in September 2016.
Rogerson’s employment agreement with Chemtura runs through 31 December 2020, according to a regulatory filing. He will be paid a base salary of $1 million/year, plus a bonus and other incentive awards. Rogerson will immediately join Chemtura’s board as chairman.
Morrison has been Hexion’s CEO since the company was formed in 2005. Hexion is owned by private equity firm Apollo Management (New York). The company has been hit by continuing difficulties in epoxy markets in recent years, as well as interest expenses. During the first-quarter of 2017, Hexion reported a $42-million net loss, with $83 million in interest expenses offsetting a $55 million operating profit.
By Vincent Valk
Source: Chemical Week
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