AVON LAKE, OHIO (March 12, 12:15 p.m. ET) — Compounder and distributor PolyOne Corp. has announced two changes in the executive suite.

The Avon Lake-based company said Robert M. Patterson has been promoted to executive vice president and chief operating officer. In addition, Richard J. Diemer has joined PolyOne as senior vice president and chief financial officer, succeeding Patterson as CFO.

Patterson, 39, will have primary responsibility for developing and executing PolyOne’s annual operating plans and strategic plans. Patterson will have accountability for the success of PolyOne’s four business segments, and each segment president will report to him.

Patterson previously served as executive vice president and CFO at PolyOne, after joining the company in 2008 as senior vice president and CFO. Prior to PolyOne, he served in executive roles at aluminum producer Novelis, first as controller and chief accounting officer, then as treasurer.

“I’m extremely pleased that Bob will be leading our businesses as COO. He has the business acumen and leadership qualities that will make him successful in this new position,” Stephen D. Newlin, PolyOne chairman, president and CEO, said in a statement. “I look forward to leading this company with Bob, as we continue our transformational strategy to accelerate profitable growth at PolyOne through innovative and specialized solutions.”

Diemer, 53, joins PolyOne with more than 30 years of experience in global business leadership, including financial management, operational finance, accounting, financial reporting, audit, corporate governance, investor relations and risk management. He has held CFO roles at both public and privately held global specialty businesses, including Styron LLC and Albemarle Corp., as well as for Honeywell’s Specialty Chemicals business segment.