Industry News

OM Group Announces CFO Transition

Published on 2005-11-15. Author : SpecialChem

CLEVELAND -- OM Group, Inc. (NYSE: OMG) announced that R. Louis Schneeberger has stepped down as the company's chief financial officer. Effective immediately, Kenneth Haber will assume the chief financial officer duties on an interim basis. Haber, (54), has worked on a number of specific projects for the company's chairman since February 2005, including helping the company to develop its new and rigorous planning/budgeting process, as well as establishing key performance metrics.

"Lou has been a valuable part of OM Group's senior management team since joining the company in 2004," stated Joe Scaminace, chairman and ceo. "He played a key role navigating the company through a demanding restatement process and helped to build a finance organization with the capabilities to meet the highest standards possible. With the company now current with its filings and all securities litigation essentially behind us, the time is right to put in place a leadership team that can effectively accelerate our progress towards developing and implementing the company's new long-term growth strategy."

Scaminace continued to say that he expects the transition to be seamless. "I have known Ken for a long time and know the focus and dedication he brings to the job everyday. Likewise, given the knowledge and insights he has gained from his current role, Ken comes to his new position with a deep understanding of the company's current business model and its financial structure."

Haber brings more than 25 years of experience in finance, general management, strategic design and implementation, and mergers and acquisitions. The bulk of his career was spent with the Sherwin-Williams company in positions of increasing responsibility, culminating in his most recent position as vice president, international -- coatings division.

A Kent State alumnus, Haber graduated magna cum laude with a BBA degree and earned a Masters in Business Administration from the Weathered School of Management at Case Western Reserve University. He is also a certified public accountant.

About OM Group, Inc.

OM Group is a leading, vertically integrated international producer and marketer of value-added, metal-based specialty chemicals and related materials. Headquartered in Cleveland, Ohio, OM Group operates manufacturing facilities in the Americas, Europe, Asia, Africa and Australia.

Source: OM Group, Inc.

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