CLEVELAND - Martin D. Walker, the chairman and chief executive officer of M.A. Hanna Co. who designed and engineered the company's move out of metals and mining and into plastics compounding and distribution, is retiring in 1997. Hanna announced Sept. 5 that Douglas J. McGregor, president and chief operating officer, was named to replace Walker as CEO Jan. 1.
Both Walker's retirement and McGregor's succession to the top positions at Hanna were expected, but the dates were not previously announced.
Walker will remain as chairman of Hanna through the end of June, the month he turns 65 years old.
McGregor, 55, joined Hanna in 1988 as senior vice president of operations. He was promoted to president and COO in 1989, and elected a director in 1990.
McGregor previously spent 15 years with Rockwell International Inc., where his last position was president of light vehicle components group. He also spent 14 years with Ford Motor Co. in positions in finance and operations.
Walker joined Hanna in 1986 from a position as executive vice president and a member of the office of the chief executive and a director of Rockwell International. He joined Rockwell in 1972, and was responsible for Rockwell's General Industries, Automotive and Commercial Electronics businesses when he left.
Previously, Walker was director of purchasing for GMC Truck and Coach Division of General Motors Corp. and director of purchasing for American Motors Corp. When he joined the company, Hanna was a 100-year-old mining and natural resources company whose primary products were iron ore and coal.