PolyOne Announces CEO Succession
Stephen D. Newlin to Retire as CEO, Remain Executive Chairman of the Board;
Robert M. Patterson to Become CEO Effective May 15, 2014
CLEVELAND, March 11, 2014 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, today announced that its Board of Directors has appointed Robert M. Patterson, president and chief executive officer, effective May 15, 2014.
Mr. Patterson, 41, succeeds Stephen D. Newlin, 61, who will retire as president and CEO and remain executive chairman of the PolyOne Board of Directors. Mr. Patterson has also been nominated for election to the PolyOne Board of Directors at the 2014 Annual Meeting of Shareholders.
Mr. Patterson currently serves as executive vice president and chief operating officer, where he is responsible for developing and executing the annual operating plans and strategic plans to drive growth in revenue, gross margin and operating income.
"I am privileged that the Board has selected me as the next CEO of this great company," said Mr. Patterson. "It is a tremendous honor to continue the remarkable transformation that Steve Newlin envisioned and has successfully executed since 2006. He has demonstrated clear and consistent leadership, which I will build upon in PolyOne's pursuit of continued growth as a specialty company."
Reflecting on his more than eight years as CEO of PolyOne, Mr. Newlin said, "PolyOne's transformation has been an extraordinary and incredibly rewarding achievement – for our customers, employees and shareholders, as well as for me personally. Bob has been by my side during our transformation and is unquestionably the right leader to take PolyOne to even greater heights in the future. As executive chairman, I will look forward to continuing to work closely with him for a seamless transition, as we continue our great progress toward our performance targets for 2015 and beyond."
"With PolyOne's future brighter than ever before, growth being accelerated, and a superb team in place, now is the perfect time for Bob to lead our innovative company. He shares my and our Board's philosophy and strategy, while bringing his own unique perspective and background. Were it not for Bob, our proven management team, and the best ever position of the company, I would not begin this transition at this time," Mr. Newlin added.
Speaking on behalf of PolyOne's Board of Directors, Gordon Harnett, lead director, said, "PolyOne was transformed and now consistently delivers truly exceptional returns to customers and shareholders, thanks to Steve's vision and leadership. We support Steve's decision to transition to the executive chairman role, and are extremely pleased that our succession planning process has identified and prepared Bob to lead the company into the future."
Mr. Patterson joined PolyOne in 2008 as senior vice president and chief financial officer, where he was responsible for global treasury, planning, M&A, accounting, internal audit functions, and investor relations. He also directly oversaw PolyOne's growth initiatives in Asia, leading to record profitability in 2013. In 2012, he was promoted to his current position as executive vice president and chief operating officer, where he has led growth in each of the company's business segments. Before joining PolyOne, Mr. Patterson served in leadership roles at Novelis, Inc., and SPX Corporation, after starting his career at Arthur Andersen LLP.
Mr. Patterson earned his bachelor's degree in business administration and master's degree in accounting from the University of Michigan. Mr. Patterson serves on the University of Michigan Ross School of Business Alumni Board of Governors, the Board of the Great Lakes Science Center, and St. Martin de Porres High School Corporate Work Study Board.
PolyOne will host a conference call with investors and financial analysts to discuss the succession plan on March 12, 2014 at 8:30 a.m. ET. To listen to the live Webcast of the conference call go to www.polyone.com/investor. The call can be accessed via telephone by dialing 1-800-299-9086 (International: 1-617-786-2903) and entering Passcode 96405983. A replay of the conference call will be available beginning at 12:30 p.m. ET on March 12, 2014 by dialing 1-888-286-8010 (International: 1-617-801-6888) and entering Passcode 17240376.
PolyOne Corporation, with 2013 revenues of $3.8 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises Pledge(SM), PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles. For more information, visit www.polyone.com.
To access PolyOne's news library online, please go to www.polyone.com/news.
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to achieve the strategic and other objectives relating to the acquisition of Spartech Corporation, including any expected synergies; our ability to successfully integrate Spartech and achieve the expected results of the acquisition, including, without limitation, the acquisition being accretive; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; the inability to achieve expected results from our acquisition activities; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
SOURCE PolyOne Corporation