Elementis plc - Appointment of CEO-Designate
2nd October 2015
Elementis – Appointment of CEO-Designate
Elementis plc (ELM.L, “Elementisâ€, the “Company†or “Groupâ€), 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.â€
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 |
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| Deborah Scott | |||
| Matthew Cole |
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