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OM Group Separates Roles of Chairman and CEO

Published on 2004-07-26. Author : SpecialChem

 

CLEVELAND -- OM Group, Inc. announced that, in connection with its ongoing review and modification of its corporate governance structure and processes, it has separated the positions of chief executive officer and chairman, both of which have been held by James P. Mooney. Mr. Mooney will remain as chief executive officer of the company and will remain as a director. The board of directors has named Frank Butler to the position of chairman, which will be a non-executive position. A director of the company since 1996, Butler was elected lead independent director in November, 2002. He spent over 30 years with The Sherwin-Williams Company, retiring as president and general manager of its Coatings Division.

Mooney stated, "Today's action places OM Group with the growing number of public companies that have concluded it is a 'best practice' to have a separate chief executive officer and a separate chairman, thus bringing a heightened focus on the different issues that face the company. This structure frees me to concentrate exclusively on driving our growth and profitability initiatives while Frank will deal with broad corporate governance matters. I look forward to working with Frank Butler and accelerating the transformation of OM Group."

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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