Celanese Corporation (NYSE:CE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 25, 2017, Celanese Corporation (the “Company”) reported that Christopher W. Jensen, the Company’s Executive Vice President and Chief Financial Officer, would be taking a temporary medical leave of absence, and that Kevin S. Oliver, the Company’s Chief Accounting Officer and Controller, would be serving as the Company's Principal Financial Officer.
The Company reported that Mr. Jensen notified the Company on February 15, 2018 that he resigned as an officer of the Company effective February 15, 2018. It is anticipated that Mr. Jensen and the Company will enter into a standard Separation Agreement setting forth the terms and conditions of his resignation and departure from the Company.
On February 16, 2018, the Board of Directors appointed Scott A. Richardson, currently the Company’s Senior Vice President, Engineered Materials, as the Company’s Senior Vice President and Chief Financial Officer (Principal Financial Officer), effective February 16, 2018. Mr. Richardson has served as the Company’s Senior Vice President, Engineered Materials since December 2015. Previously, he served as Vice President and General Manager, Acetyls from May 2009 to August 2011, and has had various increasing roles of responsibility since joining the Company in 2005. Before joining the Company, Mr. Richardson held various finance, operational and leadership roles at American Airlines. He earned a Bachelor of Arts in Accounting from Westminster College and a Master of Business Administration from Texas Christian University.
The compensation and management development committee set Mr. Richardson’s compensation package for his new role as follows for 2018:
Mr. Richardson’s annual base salary will be $500,000; and
Mr. Richardson’s target annual incentive opportunity for fiscal 2018 under the Company’s annual incentive (bonus) plan will be 70% of his annual base salary.
There are no arrangements or understandings between Mr. Richardson and any other person to which he was selected as an officer. Mr. Richardson does not have any family relationship with any director or other executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Mr. Richardson has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Oliver ceased serving as Principal Financial Officer upon the effective date of Mr. Richardson’s appointment. Mr. Oliver will continue to serve as the Company’s Chief Accounting Officer.
A copy of the press release issued on February 19, 2018 announcing the changes is furnished as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits
Press Release dated February 19, 2018.
Celanese Corp ExhibitEX-99.1 2 a2018215502ex991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 Celanese Corporation 222 West Las Colinas Blvd. Suite 900N Irving,…To view the full exhibit click
About Celanese Corporation (NYSE:CE)
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products. It engineers and manufactures a range of products, which serves a range of end-use applications, including paints and coatings, textiles, automotive applications, consumer and medical applications, performance industrial applications, filtration applications, paper and packaging, chemical additives, construction, consumer and industrial adhesives, and food and beverage applications. The Company operates in North America, Europe and Asia and consists of approximately 20 global production facilities.
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