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Axiall Corp CEO Paul Carrico retires with immediate effect
07
Jul '15
Axiall Corporation said its president, chief executive officer and a member of the Axiall board of directors Paul Carrico has retired with immediate effect.

In a press release, it added that the Axiall board has initiated an active search process to select the next CEO to strengthen the company’s financial performance and drive enhanced shareholder value.

Until the search is completed, Timothy Mann, executive vice president of strategy, general counsel and secretary, will serve as Axiall’s interim president and CEO.

The Axiall Board has retained a leading executive search firm to assist with identifying qualified candidates and both internal and external candidates are being considered for the role.

Mann will work closely with the board and other members of Axiall's executive team to oversee the company's ongoing transformation during the transition period.

Mark Noetzel, chairman of Axiall said, “On behalf of the board and everyone at Axiall, I want to thank Paul for his many valuable contributions over the past 16 years.”

“While the search is in process, the company will continue to execute on its cost reduction and other value-enhancing initiatives,” Noetzel noted.

He further added, “Given Tim’s deep knowledge of Axiall and the support of the rest of the executive team, the board has great confidence in his ability to lead the company during this time.”

Axiall had recently announced a joint venture with Lotte Chemical, which will offer it an affordable and actionable path to secure around half of its ethylene supply at an advantaged cost position.

In his role as executive vice president, Mann led the Axiall team that designed and negotiated the joint venture with Lotte Chemical.

For more than five years, prior to joining Axiall in July 2012, he was a partner at the international law firm Jones Day, where his practice focused primarily on public and private merger and acquisition activities.

Before Jones Day, Mann also served as CEO of Acsys, Inc., a publicly traded business services company that he led from its founding through an IPO and through a successful sale to a strategic acquirer.

Axiall Corporation is a leading integrated chemicals and building products company and has manufacturing facilities located throughout North America and in Asia. (AR)

Fibre2Fashion News Desk - India


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