Ecolab Inc. : Ecolab President Fyrwald Resigns To Become Univar CEO
04/19/2012| 06:29pm US/Eastern
Ecolab Inc. (ECL) said its president J. Erik Fyrwald has resigned to become the chief executive of Univar Inc., a privately held commodity and specialty chemicals company, four months after the company completed its merger with Nalco Holding Co.
Fyrwald had served as chairman and chief executive of Nalco since 2008 and joined Ecolab, which provides cleaning, sanitation and pest-control products and services, following the companies' $5.6 billion merger in December.
"While Erik's departure was not unexpected, I will truly miss partnering with him," said Ecolab Chairman and CEO Douglas M. Baker. He added Fyrwald was a "strong and consistent partner throughout our negotiation, merger and integration."
Ecolab has been steadily acquiring smaller assets. Its merger with Nalco, a maker of chemicals used in water treatment, pollution control and energy conservation, prompted both Moody's Investors Services and Standard & Poor's to lower their credit ratings on Ecolab, citing the deal's debt financing and share repurchases.
Shares were up by 4 cents to $62.30 after hours. The stock has risen 21% in the past 12 months.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; firstname.lastname@example.org