FAIRLAWN, Ohio, May 7, 2014 /PRNewswire/ -- OMNOVA Solutions (NYSE: OMN) today announced that Senior Vice President and Chief Financial Officer Michael E. Hicks has decided to retire on July 1, 2014 after 36 years of service to the Company. Paul F. DeSantis has been named to succeed Mr. Hicks as Senior VP and CFO.
"Mike has been an important financial leader at our Company, helping us navigate through many transitions, directing strategies that have steadily strengthened OMNOVA's balance sheet, and serving as a trusted liaison with investors. I want to personally thank Mike for his more than three decades of dedicated service, and wish him the best in his well-deserved retirement," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer.
"We are excited to have a leader of Paul DeSantis' caliber joining OMNOVA Solutions," said McMullen. "His broad-based background in finance and strategy – including time as CFO of a major chemical manufacturer – will make him a valuable addition to our team as we move aggressively to profitably grow our Company on a global basis. We are planning for an orderly transition, with Paul joining us in early June to provide ample opportunity to spend time with Mike before his departure," added McMullen.
Michael Hicks began his career with the Company in 1978 and held various positions in the corporate systems, customer financial services and treasury departments. In 1994, he was appointed Treasurer of GenCorp and was elected Senior Vice President and Chief Financial Officer of GenCorp on March 31, 1999. He assumed the same role at OMNOVA Solutions when GenCorp completed its spin-off of OMNOVA October 1, 1999.
Paul DeSantis, 49, joins OMNOVA from Bob Evans Farms, Inc., a $1.4 billion full-service restaurant owner/operator and leading producer and distributor of a variety of frozen food items. He has served as Chief Financial Officer, Treasurer and Assistant Corporate Secretary since March 2011. Prior to Bob Evans, Mr. DeSantis was Chief Financial Officer and Treasurer of A. Schulman, Inc., a leading international supplier of custom compounds, masterbatches and resins supplied into a variety of markets and applications, from 2006 until 2011. Previously, he held senior financial positions at The Scotts-Miracle-Gro Company, The Kellogg Company and General Motors Acceptance Corporation (GMAC). He has deep global experience, including his role as CFO of Scotts' international division in Lyon, France.
Mr. DeSantis is a graduate of Georgetown University and earned his MBA from the University of Michigan.
The OMNOVA Board of Directors is expected to elect Mr. DeSantis to the position of Chief Financial Officer when they meet in June, with such election to become effective immediately upon Mr. Hicks' retirement.
OMNOVA Solutions Inc. is a technology-based company with sales for the twelve months ending February 28, 2014 of $1.0 billion and a global workforce of approximately 2,300. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and functional and decorative surfaces for a variety of commercial, industrial and residential end uses. Visit OMNOVA Solutions on the internet at www.omnova.com.
SOURCE OMNOVA Solutions