The Board of Directors (“Board”) of Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that John Floren will retire as President and CEO and from the Board as of December 31, 2022. The Board has appointed Rich Sumner as President & Chief Executive Officer and member of the Board of Directors, effective January 1, 2023. Mr. Sumner currently holds the position of Methanex’s Senior Vice President, Global Marketing & Logistics and has been with the company since 2004.
Doug Arnell, Chair of the Board of Methanex, said, “Following a comprehensive multi-year succession process, the Board is extremely pleased to appoint Rich Sumner as President & CEO of Methanex. Rich is a proven leader who brings a thoughtful forward-looking perspective with the strategic vision needed to lead Methanex into the future. Rich possesses a deep understanding of Methanex’s business and the methanol industry which will enable him and the Methanex team to build upon the company’s strong history, further advance its leadership position in the methanol industry and deliver meaningful long-term shareholder value.”
“On behalf of Methanex and our entire Board, I would like to thank John Floren for his strong and consistent leadership over the last 10 years as President & CEO. During John’s tenure, Methanex successfully expanded its global production footprint, increased its earnings power, delivered strong cash flows and meaningful shareholder returns. The Board is grateful for John’s contributions which have positioned the Company extremely well for the future”, said Mr. Arnell.
Rich Summer commented, “I am excited by the opportunity to lead Methanex and to build on our existing strong foundation as the global leader in the methanol industry with an outstanding team and culture. I look forward to executing on Methanex’s strategy, maintaining a balanced approach to capital allocation and capitalizing on the opportunities we have ahead of us including methanol’s role in the transition to a low-carbon economy.”
John Floren said, “It has been an honour and privilege to serve as Methanex’s President & CEO for the past 10 years working with so many talented team members across the globe. Methanex continues to be the global methanol industry leader with a strong production footprint and unmatched global supply chain. Rich has an extensive understanding of Methanex’s business and our industry, and I look forward to supporting Rich as he leads Methanex into its next chapter.”
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