PolyOne Corp. President and CEO Robert Patterson will add the additional title of chairman on May 12.
In that role, he will replace Stephen Newlin, who retired as the Avon Lake, Ohio-based firm's president and CEO in May 2014. Patterson will assume the chairman title almost exactly two years after his previous appointment as president and CEO.
Patterson, 42, joined PolyOne in 2008 as chief financial officer. He previously held management posts with Novelis Inc. and SPX Corp. “I look forward to my ongoing work with the board to ensure we continue to execute our four-pillar strategy and deliver the results our customers and shareholders have come to expect,” Patterson said in a March 15 news release.
In addition, PolyOne stated in a regulatory filing that Michael Kahler, its senior vice president and chief commercial officer, intends to retire on April 18.
Michael Garratt, currently senior vice president and president of performance products and solutions at the specialty polymers company, has been named to succeed Kahler as chief commercial officer.
In connection with Kahler's retirement, PolyOne said in the filing that the board's compensation committee “approved vesting upon retirement of all of Mr. Kahler's outstanding long-term incentive awards.” The committee “did not make any other material modifications to the terms and conditions of Mr. Kahler's outstanding long-term incentive grants,” PolyOne said.
PolyOne is North America's largest compounder and concentrates maker and as one of the region's largest resin distributors. The firm employs 7,300 worldwide and posted sales of $3.4 billion in 2015.
Scott Suttell of Crain's Cleveland Business contributed to this report.
