AKRON, Ohio, June 27, 2017 /PRNewswire/ -- A. Schulman, Inc.
(Nasdaq: SHLM) announced today that it will retain a leading
executive search firm to assist the Board of Directors and its
Nominating and Governance Committee in a search for a successor
candidate to current Chairman, President and Chief Executive
Officer Joseph M. Gingo. The plan
calls for Gingo to step down from his chief executive officer
position at the end of his current, two-year contract in
August 2018. Gingo, 72, returned to
this executive position at A. Schulman in August 2016 to help reinvigorate the Company's
financial and operational performance worldwide. He had previously
served in this capacity from 2008 through 2014 and led the Company
through a period of significant growth and value creation. Gingo
will assist the Company's Board in the search to identify and vet
successor candidates.
"It has been a privilege to serve twice as this Company's CEO.
When I rejoined A. Schulman last August, my mandate was clear – put
in place the structure and processes necessary to return the
Company to the growth trajectory we experienced from 2010 to 2015.
I am increasingly confident that after this current reset year,
we will be firmly on the right path," said Gingo. "As we
approach the halfway point of my two-year commitment, it also is
important that we execute a thorough and thoughtful leadership
transition. To that end, we are starting the process now to find
the person who brings the vision, leadership and energy necessary
to fully leverage our distinctive expertise, technology and service
over the long term."
"The Board deeply appreciates Joe's outstanding leadership as we
reposition the Company for growth and enhanced shareholder
value," said David Birney, lead independent director. "Since
first joining A. Schulman in 2008, Joe's passion for the business
and focus on the customer has helped transform the Company into an
industry leader that customers rely upon to achieve their
success."
Plans call for Gingo to remain with the Company as its executive
chairman when a successor is named to ensure a seamless
transition.
About A. Schulman, Inc.
A. Schulman, Inc. is a leading international supplier of
high-performance plastic compounds and resins headquartered
in Akron, Ohio. Since 1928, the Company has been
providing innovative solutions to meet its customers' demanding
requirements. The Company's customers span a wide range of markets
such as packaging, mobility, building & construction,
electronics & electrical, agriculture, personal care &
hygiene, sports, leisure & home, custom services and others.
The Company employs approximately 4,800 people and has 52
manufacturing facilities globally. A. Schulman reported
net sales of approximately $2.5 billion for the fiscal
year ended August 31, 2016. Additional information
about A. Schulman can be found
at www.aschulman.com.
SHLM_ALL
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/a-schulman-to-secure-international-executive-search-firm-to-support-ceo-succession-plan-300480306.html
SOURCE A. Schulman, Inc.