Kronos Worldwide, Inc. (NYSE:KRO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 18, 2019, Gregory M. Swalwell, executive vice president and chief financial officer of the registrant, provided notice to the registrant that, effective as of June 1, 2019, he will retire as an officer of the registrant. In connection with his retirement from the registrant, Mr. Swalwell has also provided notice to Valhi, Inc. (“Valhi”), NL Industries, Inc. and CompX International Inc. (“CompX”), affiliates of the registrant, that he will also retire as an officer of those companies as of such date. Following such retirements, Mr. Swalwell will continue to be employed by Contran Corporation (“Contran”), the privately-held parent corporation of the registrant, and will continue to serve as executive vice president, chief financial officer and chief accounting officer of Contran.
Following such retirement notice of Mr. Swalwell, the registrant’s board of directors took action to elect:
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James W. Brown, currently CompX’s vice president, chief financial officer and controller and Valhi’s vice president, business planning and strategic initiatives, as the registrant’s senior vice president and chief financial officer, effective as of June 1, 2019; |
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Tim C. Hafer, previously the registrant’s vice president and controller, as the registrant’s senior vice president and controller, effective as of March 21, 2019; and |
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Michael S. Simmons, currently also director of special projects of Contran, as the registrant’s vice president, finance, effective as of March 21, 2019. |
Mr. Brown, age 62, has served as Valhi’s vice president, business planning and strategic initiatives since 2013 and as CompX’s vice president, chief financial officer and controller since 2014. Beginning June 1, 2019, he will also serve as senior vice president and chief financial officer of Valhi, and he will no longer serve as an officer of CompX. Mr. Brown has served in accounting and financial positions (including officer positions) with various companies related to the registrant and Contran since 2003, including serving as vice president and chief financial officer of Titanium Metals Corporation, a former publicly held affiliate of the registrant, from 2007 to 2012, and serving as the registrant’s vice president and controller from 2003 to 2006.
Mr. Simmons, age 47, is an employee of Contran and has served as director of special projects of Contran since April 2018. From 1994 to March 2018, Mr. Simmons was employed by PricewaterhouseCoopers LLP (“PwC”), the registrant’s independent registered public accounting firm, most recently as a managing director. Beginning June 1, 2019, Mr. Simmons will also serve as vice president and chief accounting officer of Valhi.
Messrs. Brown and Simmons are employees of Contran and will provide their services to the registrant under an intercorporate services agreement between the registrant and Contran. For a description of the intercorporate services agreement, see “Certain Relationships and Transactions” in the registrant’s 2018 proxy statement, which description is incorporated herein by reference. In addition, for a discussion of potential conflicts of interest of officers who serve more than one corporation, see “Certain Relationships and Transactions” in the 2018 proxy statement, which discussion is also incorporated herein by reference.
About Kronos Worldwide, Inc. (NYSE:KRO)
Kronos Worldwide, Inc. is a producer and marketer of titanium dioxide (TiO2) pigments, a base industrial product that is used in a range of applications. The Company, along with its distributors and agents, sells and provides technical services for its products in approximately 100 countries with sales in Europe and North America. It offers its customers a portfolio of products that include over 40 different TiO2 pigment grades under the Kronos brand. It offers its products to domestic and international paint, plastics, decorative laminate and paper manufacturers. It sells and provides technical services for its products in over three end-use markets, which include coatings, plastics and paper. It produces TiO2 in over two crystalline forms, including rutile and anatase. Its TiO2 is used in a range of cosmetic and personal care products, such as skin cream, lipstick, eye shadow and toothpaste, and also found in food products, such as candy and confectionaries, and in pet foods.
