Robert Wood, who has led plastic additives maker Chemtura Corp. since its formation in 2005, has resigned for personal reasons.
Wood, 54, will be replaced as chairman, president and chief executive officer of the Middlebury, Conn.-based firm by Craig Rogerson.
Rogerson, 52, previously was president and CEO of specialty chemicals firm Hercules Inc., but exited that firm when it was acquired by Ashland Inc. in November.
``We're very pleased to have an executive of Craig's experience and proven abilities to lead our company going forward, particularly during these challenging economic times,'' C.A. Piccolo, co-lead director of Chemtura's board, said in a news release.
Wood had joined Chemtura predecessor Crompton Corp. as CEO in 2004 after a 27-year career at Dow Chemical Co. He also has been active with the American Chemistry Council, serving as that organization's chairman in 2007 and 2008.
Chemtura has struggled financially since its creation from a merger of Crompton and Great Lakes Chemical Corp. The firm lost $283 million in the first nine months of 2008, even as sales were flat vs. the year-ago period at $2.9 billion. Chemtura generates about 45 percent of its sales from plastic additives.
Chemtura's per-share stock price was above $8 in mid-June, but has been trading below $2 since mid-October.