2nd October 2015
Elementis – Appointment of CEO-Designate
Elementis plc (ELM.L, “Elementis”, the “Company” or “Group”), the
FTSE 250-listed global specialty chemicals company, today announces
the appointment of Paul Waterman as Group CEO-Designate to replace
David Dutro. He is currently Global CEO of BP Lubricants, which is
part of the BP group, and will take up the role on the retirement
of David Dutro early next year.
Paul Waterman has held several senior leadership roles within BP
since it acquired Burmah-Castrol in 2000, having joined the latter
in 1994 after roles at Reckitt Benckiser and Kraft Foods. He has
been Global CEO of the BP Lubricants business since July 2013 after having overseen the BP
Australia/New Zealand Downstream business and been Country
President of BP Australia since August
2010. Prior to that he was Chief Executive of BP’s Global
Aviation, Industrial, Marine & Energy Lubricants businesses
(2009 to 2010) and Chief Executive of BP Lubricants Americas (2007
to 2009). In addition to successfully managing and growing
differentiated chemical businesses, he has extensive leadership
experience in all commercial and functional areas.
Paul Waterman, 51, is an American national and has lived in
Southern California, New Jersey, UK and Australia. He will be based
in our Sci Park management HQ, nr. Princeton, New Jersey, USA. He
holds a B.Sc. degree in Packaging Engineering from Michigan State
University and an MBA in Finance and International Business from
New York University, Stern School of Business.
Andrew Duff, Chairman of Elementis, said: “On behalf of the Board,
I am delighted that Paul will be joining us as our next Group Chief
Executive. Paul’s extensive experience and accomplishments speak
volumes and he will bring considerable skills, knowledge and a
proven track record in developing markets, products and
opportunities for creating growth, as well as in the areas of
business optimisation and transformation. I am very excited by the
prospect of working with Paul to deliver sustainable growth and the
level of value creation that our shareholders have come to expect.
Paul is enthusiastic and highly motivated about helping us take the
Company to the next level.
David Dutro will be retiring early next year and, on behalf of the
Board, I would like to take this opportunity to express our
appreciation for the very significant contribution that he has
made. David has been an exceptional Chief Executive of Elementis
over the last nine years. Under his leadership, the Group has grown
considerably through a number of strategic acquisitions that
broadened our product portfolio and our geographical footprint in
key growth markets, as well as initiatives that improved margins
and operating efficiencies. As a result, we have strong,
differentiated and cash generative businesses operating in
attractive markets that have delivered excellent returns to
shareholders over the years. David leaves Elementis well positioned
to build on these solid platforms and continue delivering value to
our shareholders and solutions to our customers."
Paul Waterman, CEO-Designate, said: “I very much look forward to
joining Elementis. It is an industry leader in its chosen markets
and has an impressive range of technology, market positions and
customer relationships. Innovation and customer collaboration are
at the heart of what Elementis does best. I intend to build on the
achievements that the management team has accomplished over the
past nine years, ensuring that Elementis continues to make progress
in delivering value for all of its stakeholders.”
A further announcement to confirm the effective dates of the above
changes will be made in due course.
The Company confirms that there are no other matters requiring
disclosure in relation to listing rule 9.6.13.
ENDS
Enquiries:
Elementis |
|
+ 44 (0) 207 408
9300 |
Wai Wong, Company
Secretary |
|
|
FTI
Consulting |
|
|
Deborah Scott |
|
|
Matthew Cole |
|
|