After 51 years with the company founded by his grandfather, Jonathan Fain is stepping aside as CEO of Teknor Apex Co.
Fain will remain a major stakeholder in Pawtucket, R.I.-based Teknor Apex, officials said in a news release. He'll also continue serving as chairman of the board, a position he assumed from his father.
Teknor Apex's new CEO will be industry veteran Donald Wiseman, who most recently was CEO of Star Plastics in Ravenswood, W. Va.
"I have had the privilege and honor to lead a great company for over 50 years," Fain said in the release. "And while I am not retiring, I do want to hand over the day-to-day responsibility to someone who can drive to keep the company strong, growing and build upon our culture."
He added that he is "very confident in our future leadership and plans for supporting our growth, innovation and sustainability for years to come. [Wiseman] brings a wealth of experience and is an ideal fit into our company and culture."
Teknor Apex officials said in the release that for the past 51 years, Fain "has led the organization to develop long term partnerships with the company's suppliers and customers in order to build a build a strong resilient company." They added that during Fain's tenure, the firm's sales have grown by more than 650 percent, while expanding beyond North America to a global footprint and completing 11 acquisitions.
Wiseman "has a robust history within the plastics industry and a deep expertise in masterbatches and compounding," officials said. He'll be relocating to Pawtucket from the Cleveland area.
"I am very excited to join the leadership team of Teknor Apex," Wiseman said in the release. "What began almost 100 years ago as a small venture in Rhode Island is now among the world's leading custom compounders.