Less than a month after an ownership change, materials firm Star Plastics has a new CEO.
Donald Wiseman now is CEO at Ravenswood, W.Va.-based Star. Private equity firm Akoya Capital Partners acquired a majority stake in Star last month.
In that role, Wiseman succeeds Star founder Doug Ritchie who will become the company's chief strategy officer. Ritchie had led the firm since founding it in 1988.
Wiseman has more than 25 years of industry experience, including leadership roles with PolyOne Corp. (now Avient Corp.) and Americhem Inc. He's advised on multiple private equity transactions totaling more than $1 billion.
As president of PolyOne's Performance Products & Solutions unit, Star officials said that Wiseman managed 11 global plants and 1,500 people, while increasing sales and generating profit growth.
Most recently, he served as interim chief operating officer and board member for recycling technology firm GreenMantra Technologies of Brantford, Ontario. At GreenMantra, officials said that Wiseman implemented operational best practices and was instrumental in leading the company's international growth.
Star Chairman Bob May said that Wiseman's leadership skills, experience, and success in delivering exceptional growth "will make him a valuable addition to the Star Plastics team."
Ritchie added that Wiseman "understands our culture and is going to hit the ground running. … His experience will be a big advantage to bringing Star closer to our growth goals."
Ritchie is retaining a minority interest in the company. Star does compounding work in polycarbonate, ABS and other engineering resins, with a focus on flame-retardant grades. In addition to custom compounding, the firm also offers toll compounding services.
Star employs about 175 worldwide, operating compounding plants in Ravenswood and Millwood, W.Va. The firm also has licensing and production partnerships in China.
Akoya's current portfolio includes nine manufacturing and service companies. Plastics-related businesses owned by Akoya include Beacon Manufacturing Group, which does some injection molding work, and Trinity Technology Group, which makes specialty fluoropolymer film.