Lubrizol Announces Planned Management Transition
(Thomson Reuters ONE) -
Lubrizol Announces Planned Management Transition
* Eric R. Schnur becomes president,
effective immediately
* James L. Hambrick begins transition
period upon completion of his five-
year commitment to Berkshire
Hathaway and
38 years of service with Lubrizol
* Schnur to succeed Hambrick as
chairman and CEO, effective January
2, 2017
CLEVELAND, June 1, 2016 - The Lubrizol Corporation announces today that Eric R.
Schnur, currently executive vice president and chief operating officer, has been
named president, effective immediately, and will become chairman and chief
executive officer on January 2, 2017. James L. Hambrick, the current chairman,
president and chief executive officer, having fulfilled his commitment to remain
in those roles for five years following Berkshire Hathaway's acquisition of
Lubrizol in 2011, has decided to complete his 38-year Lubrizol career. This
transition reflects the company's long standing succession planning process. In
addition, Greg D. Taylor, senior vice president of corporate strategy and
development, will retire later this year.
"It has been a privilege to serve this great company for the past 38 years, and
especially to work with our highly talented management team in the successful
transformation of Lubrizol over the past 14 years. I now look forward to
pursuing my other interests beyond Lubrizol, knowing that I am leaving the
company in capable hands," says Hambrick. "Eric has been an essential member of
our leadership team for many years. He is an experienced and visionary leader
with the necessary strategic, operational and financial acumen required to
direct Lubrizol in the next phase of its growth and evolution. In 27 years with
the company, Eric has achieved a track record of strong performance and a broad
range of accomplishments in our Lubrizol Additives and Lubrizol Advanced
Materials business segments. Just as important, he embodies and supports
Lubrizol's corporate philosophy and core values, including honesty and
integrity, technical innovation, commitment to employees, excellent customer
service, and safety and responsibility. All of these qualities make Eric
uniquely qualified to become the company's next president and chief executive."
During the last 14 years, Hambrick has led the transformation of Lubrizol from a
$2 billion lubricant additives company to a $7 billion leading specialty
chemical company. He expanded the company's portfolio through numerous strategic
acquisitions, the most significant being Noveon International, Inc. in 2004.
Hambrick also effectively strengthened the company's financial position,
enabling it to pursue its growth objectives and reinvest in the business to
better serve its global customers. Lubrizol's 2011 acquisition by Berkshire
Hathaway was viewed as further validation of the company's strength and
financial performance.
Schnur states, "I am honored by the opportunity to lead such a special company,
and I thank James for his confidence in me. James has made significant
contributions to the transformation of the company during his CEO tenure and I
look forward to building upon this strong foundation, continuing to execute on
our strategy and enhancing Lubrizol's ability to deliver value to our customers
in the markets in which we participate."
Schnur joined Lubrizol in 1989 as a development engineer in the R&D division. He
has held a variety of positions across numerous product lines in the Lubrizol
Additives and Lubrizol Advanced Materials business segments, including technical
and commercial roles, and vice president and general manager. Schnur also has
worked at several company facilities, including the Lubrizol Additives site in
Singapore, where he led Engine Oils marketing and technical services for
Southeast Asia and Australia. He earned his Bachelor of Science degree in
chemical engineering from Pennsylvania State University in 1989 and his MBA from
Case Western Reserve University in 1994.
Taylor is successfully concluding a 36-year career with Lubrizol that spanned a
wide range of financial, planning and business development roles. He has
directed corporate planning since 2003 and was named to his current position in
March 2007.
Hambrick comments, "Greg has been instrumental in progressing Lubrizol's
strategy to strengthen the enterprise and enhance its product portfolio through
acquisitions. As such, Greg has provided countless hours of strategic guidance
to our businesses. He has been a real asset to the company and we wish him well
in his retirement."
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven
global company that combines complex, specialty chemicals to optimize the
quality, performance and value of customers' products while reducing their
environmental impact. It produces and supplies technologies to customers in the
global transportation, industrial and consumer markets. These technologies
include lubricant additives for engine oils, driveline and other transportation-
related fluids, industrial lubricants, as well as additives for gasoline and
diesel fuel. In addition, Lubrizol makes ingredients and additives for home care
and personal care products and specialty materials encompassing polymer and
coatings technologies, along with polymer-based pharmaceutical and medical
device solutions. Our products for the oilfield market include technologies for
exploration, production and transportation.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing
facilities in 17 countries, as well as sales and technical offices around the
world. Founded in 1928, Lubrizol has approximately 9,000 employees worldwide.
Revenues for 2015 were $7 billion. For more information, visit Lubrizol.com.
Media Contact
Julie Young
440-347-4432
Website: www.lubrizol.com
###
James L Hambrick Headshot:
http://hugin.info/143680/R/2016977/748259.jpg
Greg D Taylor Headshot:
http://hugin.info/143680/R/2016977/748261.jpg
Eric R Schnur Headshot:
http://hugin.info/143680/R/2016977/748260.jpg
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lubrizol via GlobeNewswire
[HUG#2016977]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 475031
Anzahl Zeichen: 7837
contact information:
Town:
Wickliffe, Ohio
Kategorie:
Business News
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