Industry veteran Chris Pappas has been named president and CEO of Styron Corp., the styrenics and polycarbonate business Dow Chemical Co. is selling to Bain Capital LLC.
Pappas, 54, most recently served as president and CEO of Nova Chemicals Corp. before leaving that company last year. He began his career with Midland, Mich.-based Dow in 1978 and stayed with the firm until 1995.
The appointment will be effective upon closing of the sale to Bain Capital, which is scheduled for June.
“I am pleased to embark on a long-term relationship with Bain Capital and to reconnect with my Dow heritage in this opportunity as CEO of Styron,” Pappas said in a March 30 news release.
Steve Zide, a managing director with Boston-based Bain, described Pappas as “an exceptional leader with the right set of skills and experiences to grow and strengthen the Styron business.”
Pappas will be replacing Mark Remmert, who has served as Styron CEO since July, when Dow separated the unit in an attempt to find a buyer. That attempt proved successful March 2 when Bain announced its intention to acquire Styron for $1.63 billion.
Styron has annual sales of about $3.5 billion and employs 1,900 at 40 plants worldwide. Its products include polystyrene, ABS, PC and styrene monomer. Styron also includes Dow's 50 percent share in Americas Styrenics LLC, North America's largest PS maker.
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