Espeland to succeed Lorraine as Eastman CFO
Eastman Chemical Company announced the retirement of two executives and several resulting senior management appointments that demonstrate the company's depth of management expertise. These new appointees will play key roles as the company executes its strategy that is expected to result in a doubling of its earnings per share over the next five years.
Richard A. Lorraine, 62, announced he will step down as senior vice president and chief financial officer, effective Sept.1, 2008. Lorraine will remain with the company until the end of the year performing in various roles and special projects.
“During his tenure with the company, Eastman has benefitted enormously from Rich's leadership, broad business experience and his strong disciplined approach to finance,” said Brian Ferguson, chairman and chief executive officer. “He was instrumental in the process of making difficult decisions and implementing many of the strategic actions we have taken over the last five years. His many contributions will have a lasting impact on the company.”
Gregory O. Nelson, 56, also announced his retirement as executive vice president and polymers business group head, effective Aug. 1, 2008.
“During the years I have known Greg, I have always admired the integrity he has consistently demonstrated, and for which he is widely known and respected,” said Ferguson. “As a member of our senior leadership team, he most recently has led the polymers business group in a significant transformation focused on improving business results. He will be missed both personally and professionally.”
“The appointments we're announcing as a result of these retirements demonstrate the depth and breadth of our leadership. Each of the people being appointed has the skills and experience to assume very important assignments that are essential to us delivering on our plans for growth.”
Eastman announced the following appointments, effective Aug. 1, 2008, unless otherwise noted:
Curtis E. Espeland, 44, will succeed Lorraine as senior vice president and chief financial officer, effective Sept. 1, 2008. Espeland is currently vice president, finance and chief accounting officer.
Mark J. Costa, 42, will assume Nelson's position and become executive vice president, responsible for the polymers business group, as well as marketing. Costa is currently senior vice president, corporate strategy and marketing.
Ronald C. Lindsay, 49, has been named senior vice president, corporate strategy and regional leadership. In this role, Lindsay will be responsible for the company's industrial gasification initiatives. Lindsay is currently senior vice president and chief technology officer.
Norris P. Sneed, 52, has been appointed senior vice president and chief administrative officer, with responsibilities for human resources, communications and public affairs and information technology, effective Sept. 1, 2008. Sneed is currently senior vice president, human resources, communications and public affairs.