A. Schulman Inc., one of North America's largest compounders, is bidding farewell to longtime leader Terry Haines while also considering a merger or sale.
Schulman announced Nov. 16 that Haines - who joined the Fairlawn, Ohio-based firm in 1965 and has been president and chief executive officer since 1991 - will retire March 1.
``My entire adult life has been devoted to A. Schulman and its stockholders,'' Haines said in a news release. ``I have rarely imagined life after A. Schulman, but it is the right time to begin that life, as long as I can help the company prepare for its future successes.''
Schulman officials said the firm is negotiating with ``a highly qualified candidate'' to fill the position. The company also will form a committee to consider ``all strategic alternatives,'' including an acquisition, merger or sale.
In return, major shareholder Barington Capital Group LP - a New York financial firm - will drop its move to elect several new directors to Schulman's board.
Last month, Ramius Capital Group of New York - another major shareholder - also nominated new directors and urged Schulman to seek a sale.
In late 2006, Schulman cut 60 jobs and removed 17 million pounds of compounding capacity in an attempt to improve the performance of its North American operations.