Styron Names Richard J. Diemer Jr. as Executive Vice President and Chief Financial Officer

Aug 31, 2010, 07:11 ET from Styron

MIDLAND, Michigan, August 31, 2010 /PRNewswire/ --

- John Sereda Named Vice President and Treasurer

- George Osborne Named Vice President and Controller

Styron has announced three new members to the company's executive leadership. The announcement was made by Chris Pappas, President and Chief Executive Officer of Styron.

(Logo: http://www.newscom.com/cgi-bin/prnh/20100618/395738 )

Richard J. Diemer Jr. has been named Executive Vice President and Chief Financial Officer of Styron. Diemer was previously the Senior Vice President and CFO of Albemarle Corporation, a $2.5 B specialty chemical company. Celso Goncalves, who is currently CFO of Styron, will remain with the company through year-end to ensure a smooth transition.

"We are extremely pleased to name a CFO of the caliber of Rich, who brings a combination of excellent industry experience, financial and strategic leadership, and a strong track record serving as CFO of a NYSE-listed public company," said Chris Pappas, President and CEO of Styron. "I also want to thank Celso, who has been a highly valued member of our leadership team and played an instrumental role in the success of forming and launching Styron over the past 12 months. His personal and professional contributions to Styron are immeasurable, and we are pleased that he will stay on with Styron during the transition."

Diemer brings to Styron a 25-plus year track record in strong financial and strategic leadership. Diemer reports to Pappas, and is a member of the Styron executive leadership team. Diemer's role is effective September 7. Prior to joining Styron, Diemer most recently was Senior Vice President and CFO at Albemarle Corporation, based in Baton Rouge, LA, U.S.A. Diemer joined Albemarle Corporation in August 2005 and was elected Senior Vice President and Chief Financial Officer (CFO) effective September 1, 2005. Prior to joining Albemarle, Diemer served as corporate controller of Honeywell International (and predecessor Allied-Signal Inc.), Vice President and CFO of Honeywell's Specialty Materials business, and senior portfolio manager equities for Honeywell Capital Management. Diemer is a graduate of the University of Virginia's McIntire School of Commerce and began his business career with KPMG. Over a 17-year career with KPMG, Diemer spent time in KPMG's New Jersey practice, executive office and London office and served as both an audit and SEC reviewing partner.

John Sereda has joined Styron as Vice President and Treasurer with responsibility for all treasury matters, including cash management, risk management, relationships with ratings agencies and commercial banks, and financing. He is a member of the Styron leadership team and reports to Diemer. Sereda most recently served as Vice President, Finance, and Treasurer for NOVA Chemicals Corporation, based in Calgary, Alberta and Pittsburgh, Pennsylvania. Sereda brings to Styron 32 years' experience in banking, treasury operations, natural gas trading, risk management, and finance. He attended the University of Saskatchewan and the University of Toronto, studying economics and banking.

George Osborne joins Styron as Vice President and Controller with responsibility for all controllership matters, including accounting policy and application, financial reporting, and internal control. He is a member of the Styron leadership team and reports to Diemer. Osborne most recently served as The Dow Chemical Company's Corporate Controller's Director of M&A and Significant Transactions based in Midland, Michigan. Osborne brings 40 years of multinational accounting and finance experience to Styron. He is a graduate of Louisiana State University with a B.S. in Accounting.

"We are very pleased to have Rich Diemer, John Sereda and George Osborne join Styron," said Chris Pappas, President and Chief Executive Officer of Styron. "These leaders know the materials industry and the business very well. Their talent and great depth of finance expertise are critical to continue to drive the growth and performance of our Styron business."

In March 2010, Pappas was named President and CEO of Styron, following the announcement that The Dow Chemical Company and Bain Capital Partners had signed a definitive agreement for Dow's Styron Division to be divested to an affiliate of Bain Capital and become a standalone, privately held company. Prior to his appointment as President and CEO of Styron, Pappas served as President and Chief Operating Officer at NOVA Chemicals Corporation. He started his career with Dow in 1978, holding a variety of positions until 1995. Pappas joined DuPont Dow Elastomers LLC in 1996 and held several leadership positions there before joining NOVA in 2000.

About Styron

Styron is a leading global materials company, dedicated to innovate and deliver for its customers. Styron's unique and balanced product portfolio brings together plastics, rubber and latex businesses that share feedstocks, operations, customers and end users. Styron has a leadership position in its two flagship products, polystyrene and latex. The company benefits from global scale, a long-standing tradition of unrivaled customer relationships and a robust innovation pipeline. Styron has approximately $3.7 billion in revenue (based on 2009 data), with 20 manufacturing sites in all geographies. Styron's 1,900 employees are committed to listen to customers' needs and provide them with innovative and sustainable solutions in markets such as appliances, automotive, building & construction, carpet, commercial transportation, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. More information about Styron can be found at http://www.styron.com.

SOURCE Styron