Omnova Solutions Inc. will soon have a new CEO.
The Beachwood, Ohio-based specialty chemicals and polymer company on Nov. 7 announced in a news release that Kevin McMullen, 56, will step down as chairman, CEO and president, effective Dec. 1. He also will leave the company's board of directors at that time.
Omnova has selected Anne Noonan, 53, to succeed McMullen as president and CEO, also effective Dec. 1. She will join the board of directors, but the release stated the company has decided to split the chairman and CEO roles. William Seelbach, 68, has been elected Omnova's independent, non-executive chairman, a role he will assume on Dec. 1.
Noonan is currently president of Omnova's Performance Chemicals business. She joined the company in 2014. Prior to that, the release noted that she served as senior vice president and president of Chemtura Corp.'s Industrial Engineered Products business segment. Overall, she worked for Chemtura and its predecessor, Great Lakes Chemical Corp., for 27 years. She has been member of CF Industries' board of directors and the American Chemistry Council's board of directors since 2015.
Under Noonan's leadership, the Performance Chemicals business has seen "significantly improved financial results" and cost reductions, the release stated. The business has also built the foundation "to accelerate specialty growth with accomplished market-specialized talent and a reinvigorated innovation pipeline."
"We are confident Anne will continue to drive enhanced value for shareholders. Anne is an accomplished executive with deep knowledge of the chemicals industry and Omnova," said Michael Merriman, presiding director of the board, in the release. "She has a proven record of transformational change and improving performance through her leadership, customer focus, and emphasis on value creation. We are pleased she has agreed to lead Omnova, and we look forward to the contributions she will make to the Company and the Board."
The release credits McMullen with growing the company globally and adding technology to "enhance its position as a value-added solutions provider." He has been CEO since 2000 and said in the release that he is leaving now to "pursue other interests."