Materials maker Trinseo has made several changes to its management ranks.
In an April 15 news release, officials with Berwyn, Pa.-based Trinseo said that the firm's search for a commercial senior vice president has been suspended in favor of a flatter organization in which global business unit leaders will report directly to CEO and President Frank Bozich.
As a result of that decision, Francesca Reverberi has been named vice president of engineered materials and synthetic rubber, Nicolas Joly has been named vice president of plastics and feedstocks, and Rüdiger Schmitz has been named vice president of latex binders. All of these moves are effective May 1.
"In a difficult economic environment, we continue to look for opportunities to drive greater focus on business process optimization and efficiency," Bozich said in the release.
Trinseo also announced that executives Jeff Denton and Tim Stedman will serve as special advisers before leaving the company later this year. Denton had been vice president of supply chain services and will be replaced in that role by Rainer Schewe. Stedman had been senior vice president of strategy and corporate development and will be replaced in that role by Andre Lanning, who also will lead marketing communications.
Catherine Keenan, vice president of public affairs, sustainability, and environment, health and safety, also is leaving Trinseo. Her responsibilities are being redistributed among the executive leadership team.
Denton, Stedman and Keenan "have each made substantial contributions to Trinseo over the years, including building strong teams and developing our people," Bozich said.
Like many public firms, Trinseo's per-share stock price has been battered by the effects of the COVID-19 outbreak in 2020. The price began the year around $37 but was just under $19 in early trading April 15 for a decline of about 49 percent.
Plastics-related products made by Trinseo include polystyrene, ABS, polycarbonate, polypropylene and thermoplastic elastomers. In North America, the firm owns 50 percent of the Amercias Styrenics joint venture.
Trinseo employs 2,700 worldwide and posted sales of around $3.8 billion in 2019, down 18 percent vs. 2018.