WestRock Company today announced that it has named a board of directors for Ingevity, the company’s specialty chemicals business that is expected to become a publicly traded company as the result of a spin-off from WestRock.
The Ingevity board includes seven members with extensive operations and corporate governance experience, including many in the chemical industry.
Richard B. Kelson will serve as the board’s chairman. Kelson is currently chairman, president and CEO of ServCo, LLC, a strategic sourcing and supply chain firm based in New York City. He was executive vice president and chief financial officer for Alcoa, Inc., for nearly a decade, retiring in 2006. He also served as a member of the board of directors of MeadWestvaco Corporation and its predecessor Westvaco from 2001 to 2015. Kelson is also on the boards of PNC Financial Services Group, Inc. and Commercial Metals Company.
Jean S. Blackwell, is a former 16-year executive with Cummins Inc., a manufacturer of diesel and natural gas engines, power generation equipment and other power systems and supplies. She served as executive vice president of corporate responsibility and CEO of the Cummins Foundation; executive vice president and CFO; vice president, business services; vice president, human resources; and vice president and general counsel. Blackwell serves as a member of the board of directors of specialty materials company Celanese Corporation and business products distributor Essendant Inc.
Luis Fernandez-Moreno, is senior vice president of Ashland Inc., a specialty chemical company, and president of its Chemicals Group. During his career with Ashland, Fernandez-Moreno has served as president of Ashland Specialty Ingredients and as president of Ashland Water Technologies. Prior to joining Ashland, he was executive vice president of HTH Water Products & Wood Protection for Arch Chemicals, Inc., and before that spent approximately 25 years with chemical producer Rohm & Haas Company.
J. Michael Fitzpatrick, Ph.D., is former chairman and CEO of Citadel Plastics Holding, Inc., a global provider of thermoplastic and engineered composite compounds. Prior to joining Citadel, Fitzpatrick was a 30-year executive with Rohm & Haas Company, serving most recently as president and chief operating officer. He is a member of the board of directors of McCormick & Company, a manufacturer of spices, herbs and flavorings, and packaging company NOVOLEX.
Frederick J. Lynch is president, CEO and board member of Masonite International Corporation, a global manufacturer of interior doors and entry door systems. Prior to joining Masonite, Lynch was with Alpharma Inc., where he served as president, human generics division and senior vice president, global supply chain. Before that, Lynch spent nearly 18 years at Honeywell International Inc., most recently as vice president and general manager of its specialty chemical business.
Daniel F. Sansone, is a former 26-year executive with Vulcan Materials Company, a U.S. producer of construction aggregates, concrete, asphalt mix and cement. While with Vulcan, Sansone was executive vice president of strategy, executive vice president and CFO, and corporate controller. Prior to Vulcan, Sansone served in various roles with Monroe Auto Equipment, FMC Corporation and Kraft Incorporated.
Michael Wilson, Ingevity’s president and CEO, will also serve on the board. “Our newly appointed board is comprised of senior executives with diverse functional strengths and outstanding leadership experience in specialty chemicals and industrial markets,” said Wilson. “I am looking forward to working with this distinguished group to establish Ingevity as a leader in specialty chemicals and high-performance carbon materials and technologies.”
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.