Change of CEO and President at A. Schulman
The Board of Directors of A. Schulman, Inc., Akron, OH/USA, announced that Chairman Joseph M. Gingo has been named chief executive officer and president, effective immediately. Gingo (71) had previously served in this capacity from 2008 through 2014. The Board and Bernard Rzepka (56), president and chief executive officer, have mutually agreed that he will relinquish his officer role and his directorship role.
The shakeup marks a major reversal for the firm. Rzepka took the CEO job in January 2015, and two months later Schulman announced the Citadel deal, which Schulman acquired for USD 800 million. Presently, the firm is engaged in a lawsuit against the former owners of Citadel Plastics.
"Joe led this Company through a remarkable seven-year renaissance as its chief executive officer and the Board is confident that he will restore A. Schulman's operational and financial performance to the high level our shareholders expect," said David Birney, lead independent director. "We thank Bernard for his dedicated service to A. Schulman during the last 24 years. His many contributions throughout his career with the Company should not be overlooked or minimized in light of this transition."
According to Gingo, the Company will undertake a comprehensive review of its business plan, as well as near- and longer-term global end market trends. The Company intends to retain a leading advisory firm to assist in this review process. Schulman recently downgraded its earnings expectations for its 2016 fiscal year. "Like our fellow shareholders, the Board is not satisfied with the Company's less-than-optimal performance throughout fiscal 2016," said Gingo. "In light of last week's earnings guidance revision, the time has come to conduct a comprehensive review of our business plan and strategic execution."
Further Management Changes
A. Schulman also announced the appointment of Andrean R. Horton to executive vice president and chief legal officer, effective September 1, 2016. Horton (42) succeeds David C. Minc, who will retire from A. Schulman at the end of fiscal 2016 in August. The plan calls for Minc to serve as an attorney and consultant to the Company in connection with the Lucent litigation and other matters.
Horton is currently Vice President, Secretary and Assistant General Counsel, responsible for global legal operations, and she joined A. Schulman in 2010 as its Senior Corporate Counsel, Americas, responsible for the United States, Canada and Latin America. In her roles with A. Schulman, she has provided counsel on a wide range of legal issues, including intellectual property, real estate, contracts, labor and employment, compliance and litigation. Prior to joining A. Schulman, Horton was General Counsel and Corporate Secretary of The Bartech Group, Inc., and held various legal roles at YRC Worldwide Inc.
Minc (67) has served as the Company's vice president and chief legal officer since 2008. Prior to joining A. Schulman, he was General Counsel and Secretary for Flexsys America L.P., and held senior legal positions with BFGoodrich and Michelin/Uniroyal-Goodrich.
Gary A. Miller has been promoted to chief operating officer, effectively immediately. Miller (69) has served as executive vice president global and chief procurement officer for A. Schulman since 2008. In this new role, he will be responsible for the efficiency and effectiveness of the Company's global operations. A 42-year veteran of The Goodyear Tire & Rubber Company, Miller earned a bachelor's degree in chemical engineering from the University of Cincinnati, and has completed the Advanced Management Program at Harvard University; the Executive Program at Darden Graduate School of Business Administration, University of Virginia; and Kellogg School for Graduate Studies, Northwestern University.
Schulman also announced that Frank Roederer will become senior vice president and general manager of the Company's United States and Canada ("USCAN") business in addition to his current responsibilities for the Engineered Composites ("EC") business. Roederer (47) joined A. Schulman in 2013 as the specialty powders business unit director and has steadily taken on roles of increasing responsibility. Earlier this year, he was named senior vice president of the Engineering Composites business. Prior to joining the Company, he was the general manager of strategic planning and corporate performance management for Sabic, after overseeing WR Grace's supply chain in Europe, Middle East and Asia for three years. He began his career at The Dow Chemical Company in 1996, where he held various global leadership positions throughout his 10-year tenure.
A. Schulman, Inc.
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