John Hunter retired May 31 as chairman and chief executive officer of bankrupt nylon and specialty chemicals maker Solutia Inc.
Hunter, who has held those positions since 1999, was replaced by Jeffry Quinn, currently senior vice president, general counsel and chief operating officer of St. Louis-based Solutia. John Saucier also has been promoted to president of the integrated nylon division, which includes nylon resin.
Chief Financial Officer and Vice Chairman Robert Clausen also retired May 31.
Solutia filed Dec. 17 for Chapter 11 protection from creditors. At that time, officials said the decision to file was made because of legacy liabilities, which include litigation and settlement costs, environmental remediation and Monsanto Co. retiree health-care obligations. The company took on the liabilities when it was spun off from Monsanto in 1997.
No job cuts or site closings were expected to result from the bankruptcy filing. The firm expects to exit bankruptcy within two years.
Solutia is North America's second-largest maker of nylon 6/6 resin, trailing only DuPont Co. It makes molding-grade nylon in Pensacola, Fla., and fiber-grade nylon in Greenwood, S.C.
In the first nine months of 2003, Solutia lost $235 million, even though sales increased 6 percent to almost $1.8 billion. Sales through September in its integrated nylon unit were up 7 percent from the year before, to slightly more than $1 billion.