-
Agreement
underlines long-term commitment of SABIC as strategic anchor
shareholder creating value for all stakeholders
-
Extraordinary
General Meeting scheduled for 16 October 2018 to decide on
expansion of Clariant Board of Directors to 12 members; four Board
members to be nominated by SABIC
-
Current
Clariant CEO Hariolf Kottmann proposed as new Chairman of the
Board
-
Ernesto
Occhiello appointed new CEO effective as of 16 October
2018
-
Clariant to
continue as an independent listed company headquartered in
Switzerland under Swiss corporate governance
|
|
|
Muttenz, September 18, 2018 -
Clariant and SABIC, two world leaders in chemicals, today jointly
announced the signing of a Governance Agreement that determines the
principles of Clariant's future governance, defines SABIC's
position as a strategic anchor shareholder and confirms Clariant's
independence as a publicly-listed company under Swiss corporate
governance.
SABIC recently completed the
purchase of a 24.99 % stake in Clariant.
At the Extraordinary General
Meeting scheduled for 16 October 2018, it will be proposed to
expand the Clariant Board of Directors to 12 members of which four
Board members to be nominated by SABIC. Furthermore, it will be
proposed that Hariolf Kottmann will become the new Chairman of the
Board, succeeding Rudolf Wehrli. Hariolf Kottmann will resign from
his position as Clariant CEO on 16 October 2018. SABIC's current
Specialties Executive Vice President Ernesto Occhiello has been
appointed as new CEO of Clariant, effective as of 16 October
2018.
SABIC CEO Yousef Al-Benyan:
"Clariant is a strong company with an impressive track record which
will continue on its successful path with Hariolf Kottmann as the
new Chairman. Specialty chemicals are an important building block
for SABIC's strategy. We see ourselves as a responsible long-term
oriented strategic shareholder, and the Governance agreement
underlines our commitment to create value for all
stakeholders.
"The nomination of Hariolf
Kottmann as Chairman of the Board provides continuity and stability
to the company. His experience and vision will ensure further
execution of the long-term strategy to become a top tier player in
the industry. The combination of our Additives and high value
Masterbatches business with parts of SABIC's Specialties business
accelerates this process. Therefore I support Hariolf Kottmann to
take over the role of Chairman of the Board", said Konstantin
Winterstein, Member of the Board of Directors.
Hariolf Kottmann: "With the
addition of SABIC as a shareholder, Clariant now has two strong
independent anchor shareholders with significant experience in the
chemical industry. This will allow Clariant to accelerate its
strategic path of growth in the specialty chemicals industry.
Together with Ernesto Occhiello, the Board looks forward to writing
the next chapter in Clariant's success story."
The two senior leaders will ensure
continuity and further sustainable growth of Clariant. With Ernesto
Occhiello, Clariant will have an experienced business leader on
board with an extensive background in specialty chemicals as well
as in R&D and innovation. Prior to SABIC, Ernesto Occhiello
worked at The Dow Chemical Company, EniChem and Montedison. Ernesto
Occhiello brings a proven track record in business transformation,
growing SABIC's multi-billion dollar specalities business unit into
an organization offering unique technologies with profitability
levels of more than double the competitive benchmark average. He
also successfully redesigned the R&D organizations of top
global chemical players, aligning them to business-driven efforts,
while improving financial impact and innovation.
Hariolf Kottmann, as new Chairman
of the Board, will continue to shape Clariant's successful
strategic development, based on his 10-year-experience as the
company's CEO and a 35-year track record in the industry.
Under the proposal to be submitted
to the Extraordinary General Meeting, the Board of Directors shall
be comprised of 12 members. Dr. Rudolf Wehrli, Chairman of the
Clariant Board of Directors and Professor Dr. Peter Chen, Clariant
Board of Directors member will resign their positions on 16 October
2018. As a significant, long-term oriented strategic anchor
shareholder, SABIC will be entitled to nominate four
representatives to Clariant's Board of Directors, which will be
voted on at the Extraordinary General Meeting. The new CEO will not
be part of the Board of Directors.
The four proposed members for the
Board of Directors are: Abdullah Mohammed Alissa, Calum MacLean,
Geoffery Merszei and Dr. Khaled Hamza Nahas.
The changes in governance will not
affect other elements of the governance structure of Clariant. The
registered seat of Clariant shall continue to be in Muttenz,
Switzerland, its headquarters and corporate center in Pratteln,
Switzerland. Clariant shares will remain listed on the SIX Swiss
Exchange.
Corporate Media Relations |
Investor Relations |
Jochen Dubiel
Phone +41 61 469 63 63
jochen.dubiel@clariant.com |
Anja Pomrehn
Phone +41 61 469 67 45
anja.pomrehn@clariant.com |
Claudia Kamensky
Phone +41 61 469 63 63
claudia.kamensky@clariant.com |
Maria Ivek
Phone +41 61 469 63 73
maria.ivek@clariant.com |
Thijs
Bouwens
Phone +41 61 469 63 63
thijs.bouwens@clariant.com |
|
Follow us on Twitter, Facebook, Google Plus,
LinkedIn.
|
This media release contains certain statements that are neither
reported financial results nor other historical information. This
document also includes forward-looking statements. Because these
forward-looking statements are subject to risks and uncertainties,
actual future results may differ materially from those expressed in
or implied by the statements. Many of these risks and uncertainties
relate to factors that are beyond Clariant's ability to control or
estimate precisely, such as future market conditions, currency
fluctuations, the behavior of other market participants, the
actions of governmental regulators and other risk factors such as:
the timing and strength of new product offerings; pricing
strategies of competitors; the Company's ability to continue to
receive adequate products from its vendors on acceptable terms, or
at all, and to continue to obtain sufficient financing to meet its
liquidity needs; and changes in the political, social and
regulatory framework in which the Company operates or in economic
or technological trends or conditions, including currency
fluctuations, inflation and consumer confidence, on a global,
regional or national basis. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this document. Clariant does not undertake
any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of these materials.
www.clariant.com
Clariant is a globally leading specialty chemicals company, based
in Muttenz near Basel/Switzerland. On 31 December 2017 the company
employed a total workforce of 18 135. In the financial year
2017, Clariant recorded sales of CHF 6.377 billion for its
continuing businesses. The company reports in four Business Areas:
Care Chemicals, Catalysis, Natural Resources, and Plastics &
Coatings. Clariant's corporate strategy is based on five pillars:
focus on innovation and R&D, add value with sustainability,
reposition portfolio, intensify growth, and increase
profitability. |
Governance - Media
release