STEPAN COMPANY (NYSE:SCL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b) Departure of Named Executive Officer.
On December8, 2017, Mr.ScottD. Beamer, Vice President and Chief Financial Officer, notified Stepan Company (the “Company”) that he intends to resign from his position as Vice President and Chief Financial Officer, effective as of January12, 2018, to accept another position as Vice President and Chief Financial Officer at Cabot Microelectronics Corporation. Mr.Beamer has served as the Company’s Vice President and Chief Financial Officer since July8, 2013. Mr.Beamer’s decision to resign was not the result of any disagreement with the Company on any matter relating to the Company’s operation, policies or practices. The Company wishes to thank Mr.Beamer for his years of service, and wishes him success in his future endeavors.
Effective as of January12, 2018, Matthew Eaken will serve as interim Vice President and Chief Financial Officer of the Company, in addition to continuing his current role as the Company’s Vice President and Corporate Controller, until such time as a permanent replacement is named. The Company intends to conduct a comprehensive search to identify a permanent Vice President and Chief Financial Officer. There will be no change to Mr.Eaken’s existing compensation arrangements in connection with this designation at this time. Mr.Eaken has served in various capacities for the Company since June 1998, including in his current role as Vice President and Corporate Controller of the Company since January 2011.
There are no arrangements or understandings between Mr.Eaken and any other persons to which he was elected as an officer, and Mr.Eaken has no direct or indirect material interest in any transaction required to be disclosed to Item404(a) of Regulation S-K. Mr.Eaken does not have a family relationship with any member of the Board of Directors or any executive officer of the Company.
About STEPAN COMPANY (NYSE:SCL)
Stepan Company produces specialty and intermediate chemicals, which are sold to other manufacturers and used in a variety of end products. The Company has three segments: Surfactants, Polymers and Specialty Products. The Company’s Surfactants segment offers products, which are principal ingredients in consumer and industrial cleaning products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. The Company’s Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. The Company’s Specialty Products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications. Its markets include manufacturers of cleaning and washing compounds, paints, cosmetics, food, beverages, nutritional supplements, agricultural products, plastics, furniture, automotive equipment, insulation and refrigeration.