Robert M.
Patterson to Remain in an Advisory Role Until His Retirement
on May 31, 2024
Richard H. Fearon Appointed Non-Executive
Chairman of the Board
CLEVELAND, Nov. 13,
2023 /PRNewswire/ -- Avient Corporation (NYSE: AVNT),
a leading provider of specialized and sustainable material
solutions, today announced that its Board of Directors has
unanimously voted to elect Dr. Ashish K.
Khandpur as President and Chief Executive Officer, effective
December 1, 2023. In connection
with this appointment, the Board has elected Richard H. Fearon, Lead Independent Director, as
Non-Executive Chairman of the Board, also effective December 1, 2023.
Robert M. Patterson will retire
from his roles as President and CEO and resign from the
Board. He will remain with the Company through May 31, 2024 in an advisory capacity to help
facilitate the leadership transition.
Dr. Khandpur joins Avient after nearly three decades at
3M, where he began in R&D and
technology roles, ultimately ascending to Chief Technology
Officer. He has since led several different 3M businesses, most recently serving as Group
President of 3M's Transportation and Electronics Business.
This business applies materials science expertise to commercialize
products and solutions for a variety of market segments, including
automotive, automotive electrification, semiconductors, LCD and
OLED displays, consumer electronics, data centers, 5G networks, and
transportation safety and generated approximately $8.9B in revenue in 2022.
"Ashish is one of the world's leading experts in polymers and
materials, having earned undergraduate and doctorate degrees in
chemical engineering at two of the world's leading chemical
engineering universities, and then used that knowledge over several
decades to help pioneer a host of new products for 3M," said Mr. Fearon. "In addition, as a
business leader at 3M he has
demonstrated great success in using that expertise to drive sales
and profit growth. His passion for leading, innovating, and
delivering success is readily apparent and will serve as an
excellent fit with Avient's culture."
"During our extensive search process, it became clear to our
Board that Ashish is the right person to lead Avient at this stage
of Avient's journey," Mr. Fearon added. "Now that Avient's
portfolio has been repositioned to be 100 percent specialty
materials, Ashish's deep technical expertise and demonstrated
commercial success in building and growing businesses makes him the
ideal leader to take Avient to the next level of performance."
Dr. Khandpur commented, "I am thrilled to join Avient and build
upon the foundation of specialization and operational excellence
that was established during the Company's transformative
years. Avient is dedicated to solving the materials science
challenges of today and tomorrow for customers around the world,
and I look forward to leading the next chapter, taking advantage of
the significant opportunities that lie before us."
Mr. Fearon added, "As we welcome Ashish to Avient, we are also
deeply appreciative of Bob Patterson
and his leadership as CEO over the last 10 years. He led the
company through an enormous amount of change, and in some very
challenging environments. He retires from Avient having
transformed the Company's portfolio to 100 percent specialty and
built a foundation for even greater success."
Commenting on his retirement and the transition, Mr. Patterson
said, "I look back on my 15 years with the company with a great
sense of pride and gratitude. Working with our associates to
create a Great Place to Work® culture was an honor, as we served
customers and helped to positively and sustainably impact our
world. I have great confidence in Ashish as the next CEO of
Avient to do even more, and I look forward to supporting him
however I can during the upcoming transition."
About Dr. Ashish K.
Khandpur
Dr. Khandpur began his career in 1995 at 3M as a senior research engineer, thereafter
ascending through a career path of diverse research and engineering
roles while based in the U.S. and India. In 2014, he was
appointed Chief Technology Officer, leading 3M's global team of
over 8,000 scientists and engineers, while overseeing annual
R&D investments of nearly $1.9
billion. In 2017, he was appointed to lead 3M's
$5B Electronics & Energy Business
Group, a position he held until 2019 when he was promoted Group
President of the Transportation and Electronics Business
Group. He holds a Bachelor's of Technology degree in Chemical
Engineering from the Indian Institute of
Technology, Delhi and a
Ph.D in Chemical Engineering from the University of
Minnesota. He serves as a member of the Board of Directors of
Constellation Energy Corporation and on the Dean's Advisory Board
for the College of Science and Engineering at the University of
Minnesota.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable material solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world. Examples include:
- Dyneema®, the world's strongest fiber™, which enables unmatched
levels of performance and protection for end-use applications,
including ballistic personal protection, marine and sustainable
infrastructure and outdoor sports
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which improves fuel
efficiency in all modes of transportation and reduces the carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient is certified as an ACC Responsible Care® company, a
founding member of the Alliance to End Plastic Waste, and certified
as a Great Place to Work®. For more information, visit
https://www.avient.com.
To access Avient's news library online, please visit
www.avient.com/news.
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