Middlebury, Connecticut -- Chemtura Corp. today said it was realigning its businesses into two groups - Performance Products and Engineered Products - and setting up an executive committee reporting to the ceo, with the aim of improving the group's performance in the face of the current difficult economic conditions.
David Dickey will lead the Performance Products group, which consists of the Consumer Products, Petroleum Additives, Urethanes, and Antioxidant/Ultraviolet plastic additives businesses. Engineered Products consists of the Flame Retardants, Crop Protection, Organometallics, and PVC/Surfactants businesses. Craig Rogerson, president, chairman and chief executive officer will lead Engineered Products until a group president is appointed.
"The new business alignment should better balance workloads," said Rogerson, in Chemtura's 19 Jan announcement. As well as helping Chemtura resolve specific challenges that faced parts of the former Polymer Additives business, Rogerson said it will allow Petroleum Additives and Urethanes "to pursue best-available business options for maximum success."
Also, the alignment should aid rationalisation of manufacturing in the respective businesses. At each level, business leaders will have profit and loss accountability, and have the sales, marketing, technology and product management resources needed to carry out business plans and service customers, Rogerson said.
Rogerson commented that in the near term, Chemtura will focus on implementing previously announced initiatives to reduce cash fixed costs by about $50 million, and "generate cash through working capital improvement, reduced capital expenditures and potential asset sales."
The executive committee includes, in addition to Rogerson:
-- Stephen Forsyth, executive vice president, chief financial officer;
-- David Dickey, executive vice president and group president - Performance Products;
-- Alan Swiech, senior vice president of human resources; and
-- Billie Flaherty, senior vice president, general counsel and corporate secretary.
Also reporting to Rogerson are Robert Wedinger, executive vice president, strategic initiatives; Eric Degoul, vice president of business development and global procurement; Lloyd Moon, vice president of government affairs and communications; and a vice president to be named for environmental, health, safety and security and manufacturing excellence. Lynn Schefsky, former general counsel and corporate secretary, will be leaving Chemtura to pursue other interests, the company said.