Materials maker Trinseo has made several executive changes, including promoting Martin Pugh to chief operating officer and executive vice president.
In an Oct. 7 news release, officials with Berwyn, Pa.-based Trinseo described the COO position as “a newly created interim role.”
“We are establishing the COO position as an interim role as the company implements a number of strategic initiatives,” president and CEO Chris Pappas said in the release.
Pugh previously had served as senior vice president and business president for Trinseo's Performance Materials unit, which included rubber, latex and plastics sold into certain markets. He also had been overseeing the firm's styrenic polymers and polycarbonate businesses temporarily.
Pugh has more than 35 years of chemical industry experience. He joined Trinseo in early 2013 when the firm still was operating under the Styron name.
Market veterans Tim Stedman and Hayati Yarkadas are joining Trinseo as senior vice presidents. Stedman will serve as business president of Basic Plastics and Feedstocks, while Yarkadas will have a similar role with Performance Materials.
Stedman had been with ExxonMobil Chemical for 22 years. Yarkadas' previous industry experience includes stints with Tate & Lyle and DuPont Co. Both Stedman and Yarkadas will be based in Horgen, Switzerland.
Three current Trinseo executives also have been given new roles. Francesca Reverberi will serve as global business director of Basic Plastics, Celso Magri as global product director of Basic Plastics and Samer Al Jabi as global business director of Synthetic Rubber.
Trinseo employs 2,100 worldwide and posted sales of $5.1 billion in 2014. In the first half of 2015, the firm posted a $38.5 million profit after losing $27.5 million in the first half of 2014. Trinseo accomplished this turnaround even as first-half sales fell 24 percent to less than $2.1 billion.
This improvement also has been reflected in Trinseo's per-share stock price. It began the year near $17.50 but was at $31.60 in late trading Oct. 7 for an increase of just over 80 percent.