Sector News

Platform Specialty names Sigma-Aldrich Chief as new CEO

December 17, 2015
Chemical Value Chain

Platform Specialty Products Corp. named Sigma-Aldrich Corp.’s chief executive Rakesh Sachdev as its new CEO, replacing Daniel H. Leever, who is retiring effective immediately.

In October, the company had said Mr. Leever would retire when a replacement was found, pummeling its shares that day. The stock is down 54% so far this year as of Tuesday’s close. Shares were inactive premarket.

Mr. Sachdev was the chief executive of Sigma-Aldrich, which was recently acquired by Merck KGaA for $17 billion. The deal was completed Tuesday.

When Mr. Leever’s planned retirement was announced, Platform founder Martin E. Franklin told The Wall Street Journal in an interview that the company wanted to start the leadership transition process as it planned to seek financing for its buy of U.K. specialty-chemicals firm Alent PLC.

Mr. Franklin also said at the time that he planned to take on a more active role at the company.

Platform Specialty Products was founded in 2013 by Mr. Franklin as a vehicle to buy specialty-chemicals companies. It is backed by activist investor William Ackman’s Pershing Square Capital Management LP, which owns a 20% stake in Platform, according to FactSet data.

By Austen Hufford and Chelsea Dulaney

Source: Wall Street Journal

comments closed

Related News

September 17, 2022

Huhtamaki and Stora Enso collaborate on new paper cup recycling initiative

Chemical Value Chain

Huhtamaki and Stora Enso have joined forces to create a new paper cup recycling initiative, The Cup Collective. The programme aims to recycle and capture the value of used paper cups on an industrial scale. The programme will initially be implemented across Belgium, the Netherlands and Luxembourg.

September 17, 2022

Methanex announces new President & CEO effective January 1, 2023

Chemical Value Chain

The Board of Directors of Methanex Corporation announced 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.

September 17, 2022

Evonik is driving growth through innovations, announces new CIO

Chemical Value Chain

Evonik’s new chief innovation officer, Ralph Marquardt, aims to strengthen the company’s innovative strength even further in the future. Marquardt, who has a doctorate in chemistry and joined Evonik in 2006, has acquired the necessary experience, for example, through leadership roles in various business areas. Sustainability is his central focus.