William F. Patient, who has led Geon Co. since its spinoff from BFGoodrich Co. six years ago, will retire from the Avon Lake, Ohio-based PVC maker and compounder.
Patient, 64, will retire as Geon's chief executive officer May 6 and will retire as chairman in August, shortly after he turns 65. He will be replaced by Thomas Waltermire, 49, who was named Geon's president and chief operating officer last year.
``These last six years have been the most exciting and rewarding of my life because, in that short period, we transformed Geon from merely an adequate performer to an organization of excellence,'' Patient said in a news release.
Patient has had Geon on the move in the past couple of years, focusing its efforts on value-added PVC compounding and away from resin production.
Geon now ranks as North America's largest PVC compounder, with about 40 percent of the market. On May 1, Geon and Occidental Chemical Corp. of Dallas formed Oxy Vinyls LP, a Dallas-based business that combines the PVC and vinyl chloride monomer production of both companies. Geon, which acquired Oxy's compounding business in the deal, will own 24 percent of the new firm.
Patient worked at Borg-Warner Chemical Corp. for 27 years before joining BFG in 1989 as president of its vinyls division. The division was spun off as the independent Geon in 1993.
Geon sales totaled $1.3 billion last year. The company employs 2,400 in 24 manufacturing plants and joint ventures in the United States, Canada, England and Australia and a joint venture in Singapore.