Decision marks next step in comprehensive
review of cost and operating structure
CHARLOTTE, N.C., Oct. 7, 2024
/PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader
in providing essential elements for mobility, energy, connectivity
and health, today announced the company's new operating structure
to adapt to dynamic market conditions.
Albemarle's operating structure
will transition from two core global business units – Energy
Storage and Specialties – to a fully integrated functional model
designed to increase agility, deliver significant cost savings and
maintain long-term competitiveness. The move is the next step in
the company's comprehensive review of its cost and operating
structure.
As part of this change, effective Nov.
1:
- Specialties Business President Netha
Johnson will become chief operations officer and
continues to report to Chairman and CEO Kent Masters. In this role, he will lead global
manufacturing, research and technology, capital projects and
process chemistry execution. Johnson joined Albemarle in 2018 and has more than 25 years
of experience in global manufacturing, leadership and general
management.
- Energy Storage Business President Eric Norris will become chief commercial
officer and continues to report to Masters. In this role, he will
oversee enterprise product management, sales and commercial
excellence. Norris joined Albemarle in 2018 and has more than 25 years
of experience in strategy, corporate development and general
management.
"The long-term growth potential of our industry is significant,
and this structure enables Albemarle to take greater advantage of our
world-class resources, global conversion network and process
chemistry expertise while driving to a lower-cost structure,"
Masters said. "As our industry evolves, our new operating structure
is designed to flex with the complexities of our markets, improve
customer centricity and cost-effectively strengthen our core
capabilities to maintain our leadership position."
In addition, the following leaders will report to Masters:
- Melissa Anderson will
become chief transformation officer, effective Nov. 1, which reflects her current oversight of
people, strategy and transformation.
- Stacy Grant will become
general counsel, corporate secretary and chief compliance officer,
effective immediately, and succeeds Kristin
Coleman, who is leaving the company. Grant joined
Albemarle in 2023 and previously
served as vice president & deputy general counsel, global
corporate affairs.
- Cynthia Lima remains
chief external affairs and communications officer and will add
oversight responsibility for product stewardship.
- Mark Mummert will become
chief capital, resources and integrated supply chain officer,
effective Nov. 1, which includes
expanded responsibility for resources, joint venture management,
customer service and operational excellence.
- Neal Sheorey remains
chief financial officer and will add oversight responsibilities for
information technology, global business services and real
estate.
- Michael Simmons remains
president of Ketjen, a wholly owned subsidiary.
Albemarle will continue to
report results across its three existing operating segments: Energy
Storage, Specialties and Ketjen. During a conference call to
discuss its third-quarter 2024 results, Albemarle will provide a further update on its
cost and operating structure, including estimated financial
impacts. The call is scheduled for Nov.
7 at 8 a.m. ET.
About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming
essential resources into critical ingredients for mobility, energy,
connectivity and health. We partner to pioneer new ways to move,
power, connect and protect with people and planet in mind. A
reliable and high-quality global supply of lithium and bromine
allows us to deliver advanced solutions for our customers. Learn
more about how the people of Albemarle are enabling a more resilient world
at Albemarle.com, LinkedIn and on X (formerly known as
Twitter) @AlbemarleCorp.
Albemarle regularly posts
information to www.albemarle.com, including notification of events,
news, financial performance, investor presentations and webcasts,
non-GAAP reconciliations, U.S. Securities and Exchange Commission
filings and other information regarding the company, its businesses
and the markets it serves.
Forward-Looking Statements
This press release contains
statements concerning our expectations, anticipations, intentions,
beliefs or strategies regarding the future, which constitute
forward- looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are based on assumptions that we have made as of
the date hereof and are subject to known and unknown risks and
uncertainties that could cause actual results, conditions and
events to differ materially from those anticipated, often contain
words such as "anticipate," "believe," "could," "estimate,"
"expect," "focus," "intend," "may," "should," "would," "will" and
variations of such words and similar expressions. Forward-looking
statements may include, without limitation, statements regarding
future or expected: operating structure, cost savings, long-term
competitiveness, industry growth potential, market conditions, and
all other information relating to matters that are not historical
facts. Factors that could cause our actual results to differ
materially from the outlook expressed or implied in any
forward-looking statement include, without limitation: changes in
economic and business conditions; adverse changes in liquidity or
financial or operating performance; fluctuations in lithium market
prices, and the other factors detailed from time to time in the
reports we file with the U.S. Securities and Exchange Commission,
including those described under "Risk Factors" in our Annual Report
on Form 10-K and our Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date of this press
release. We assume no obligation to provide any revisions to any
forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.
Media Contact: Peter
Smolowitz, +1 (980) 308-6310,
media@albemarle.com
Investor Relations Contact: +1 (980)
299-5700, invest@albemarle.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/albemarle-announces-new-operating-structure-to-increase-agility-drive-cost-efficiencies-and-maintain-long-term-competitiveness-302268302.html
SOURCE Albemarle Corporation
