Balchem Appoints Theodore Harris President and Chief Executive Officer
April 22 2015 - 09:00AM
Balchem Corporation (Nasdaq:BCPC) today announced that its Board of
Directors has appointed Theodore (Ted) L. Harris as President and
Chief Executive Officer, succeeding Balchem's President and Chief
Executive Officer, Dino A. Rossi, who will remain Chairman of the
Board. Harris will also join the Balchem Board of Directors. These
changes will become effective April 28, 2015.
Harris most recently served as Senior Vice President and
President, Performance Materials of Ashland, Inc. (NYSE:ASH).
During his 11 year tenure at Ashland, Harris developed and executed
numerous strategic initiatives, including acquisitions, joint
ventures and correlating integrations. He also had corporate wide
responsibilities for Ashland's global supply chain, including over
100 manufacturing sites globally, logistics, purchasing, planning,
engineering and customer service. Prior to that, Harris spent 12
years at FMC Corporation, where he served in a variety of senior
level roles with global responsibility, including General Manager,
Food Ingredients Business.
"We are thrilled and excited to welcome Ted as our next
President and CEO," said Dr. John Televantos, the company's Lead
Director. "Ted has served in a variety of senior leadership roles
with one of the largest, most recognized and well respected
companies in the world. He is an experienced, strong and capable
executive with a proven background building businesses, developing
worldwide marketing strategies and driving global growth. Ted is
ideally suited to lead Balchem into its next phase of growth and
profitability."
"Under Dino's extraordinary vision and leadership, Balchem has
grown from a small U.S. based company into a $1.6 billion market
cap company, producing and selling health and wellness products on
a global note," added Televantos. "Dino has made countless
contributions to our success, and he has attracted and inspired the
company's creative and dedicated employees and talented management
team. Dino's passion for and commitment to this business has been
an integral part of Balchem's success."
"This is an exciting time for Balchem and me personally, as we
bring in Ted and his ability to leverage our business platforms and
people with his experience," said Rossi. "For the last year, I have
worked closely with the Board and a leading executive search firm
to identify the best possible candidate to succeed me as President
and CEO, and I know Ted is the right choice. Working together, Ted
and I will ensure that this transition is seamless for all of our
stakeholders and that the company will continue to execute on its
strategic priorities to deliver long-term shareholder value."
"I am honored to lead Balchem, a company with a stellar
reputation, a long, distinguished history of creativity and
innovation and strong customer relationships," said Harris.
"Balchem has built a valuable portfolio, and I am enthusiastic and
energized about the opportunities ahead. I look forward to working
with the Board, management team and our employees around the world
to continue strengthening the company, increasing global sales and
driving operational efficiencies to fully realize the Board's
vision for Balchem."
Forward-Looking Statements
This release contains forward-looking statements, which reflect
Balchem's expectation or belief concerning future events that
involve risks and uncertainties. Balchem can give no assurance that
the expectations reflected in forward-looking statements will prove
correct and various factors could cause results to differ
materially from Balchem's expectations, including risks and factors
identified in Balchem's annual report on Form 10-K for the year
ended December 31, 2014. Forward-looking statements are qualified
in their entirety by the above cautionary statement. Balchem
assumes no duty to update its outlook or other forward-looking
statements as of any future date.
About Balchem Corporation
Balchem Corporation consists of three business segments: ARC
Specialty Products, SensoryEffects (formerly Food, Pharma and
Nutrition), and Animal Nutrition and Health. Through ARC Specialty
Products, Balchem provides specialty-packaged chemicals for use in
healthcare and other industries. The SensoryEffects segment
provides customized food and beverage ingredient systems and
proprietary microencapsulation solutions to a variety of
applications in the human food, pharmaceutical and nutrition
marketplaces. The Animal Nutrition and Health segment manufactures
and supplies products to numerous animal health markets and certain
derivative products into industrial applications.
CONTACT: Karin McCaffery, Executive Administration Manager
Telephone: 845-326-5600
e-mail: kmccaffery@balchem.com
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