Clariant has named SABIC executive Ernesto Occhiello as CEO following SABIC’s recent acquisition of a 24.99% stake in the company. Occhiello succeeds Hariolf Kottmann as CEO on 16 October. Kottmann will become board chairman. SABIC will also gain four board seats. Clariant and SABIC also provided a strategy update today, including plans to combine its additives and high-value masterbatches with parts of SABIC’s specialties business to form a high-performance materials unit.
The changes are included in a joint governance agreement signed on 18 September by Clariant and SABIC. The agreement “determines the principles of Clariant’s future governance, defines SABIC’s position as a strategic anchor shareholder, and confirms Clariant’s independence as a publicly listed company under Swiss corporate governance,” Clariant says.
Two current Clariant board members, Rudolf Wehrli and Peter Chen, will resign effective 16 October. The four board members to be nominated by SABIC are Abdullah Mohammed Alissa, Calum MacLean, Geoffrey Merszei, and Khaled Hamza Nahas. MacLean is CEO of Synthomer (Harlow, United Kingdom). Occhiello will not be part of the Clariant board.
Prior to SABIC, Occhiello worked at Dow Chemical, and the former EniChem and Montedison. Kottmann has been Clariant CEO for 10 years and previously held senior positions at SGL Carbon, Celanese, and Hoechst.
By Ian Young
Source: Chemical Week
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