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 + 44 (0) 203 727 1000
Deborah Scott
Matthew Cole