Ingevity announces CEO transition as Fortson departs company; Fernandez-Moreno appointed as interim president and CEO
03 October 2024 - 8:15PM
Business Wire
Ingevity Corporation (NYSE: NGVT) today announced that John
Fortson has departed as president and chief executive officer and
from the board of directors of the company, effective as of October
2, 2024. The board of directors has appointed current board
director, Luis Fernandez-Moreno as interim president and chief
executive officer while it conducts a search for a permanent
replacement.
“On behalf of the entire board, I want to thank John for his
leadership and dedication to Ingevity over the past nine years,”
said Jean Blackwell, chair of the board of directors. “Under John’s
guidance, Ingevity successfully transitioned into a standalone
public company, expanded its global footprint and established
itself as a leader in key markets. We are grateful for his
contributions and wish him the very best in his future
endeavors.”
“I thank the board for letting me serve Ingevity for these
years, and I wish Ingevity the best going forward,” said John
Fortson.
“Ingevity has made significant progress in recent years,
successfully navigating a period of strategic transformation and
portfolio optimization,” said Fernandez-Moreno. “I, too, thank John
for his service and firmly believe that Ingevity is well-positioned
for long-term success thanks to his leadership. I am eager to work
alongside our talented and committed team to build upon our
progress thus far and focus on successfully executing the company’s
plans to improve business performance.”
Fernandez-Moreno has been a member of Ingevity’s board of
directors since its spinoff in 2016. He was chair of the nominating
and governance committee, a position he resigned to assume the role
of interim president and CEO.
Fernandez-Moreno has a 40-year history of successfully leading
complex global businesses in the specialty chemicals industry,
including as president of Ashland Inc.’s Chemicals division, a $3.5
billion business. Before joining Ashland, Fernandez-Moreno was
executive vice president of HTH Water Products & Wood
Protection for Arch Chemicals Inc. from 2010 to 2011. He previously
spent over 25 years at Rohm & Haas Company until it was
acquired by Dow Chemical Company, after which he managed the newly
formed Dow Coatings Materials business until 2010. He currently
serves on the board of directors of Select Water Solutions Inc., a
provider of sustainable water and chemical solutions to the energy
industry. Mr. Fernandez-Moreno holds a Bachelor of Science degree
in chemical engineering from Universidad Iberoamericana in Mexico
City, Mexico and is a graduate of the Wharton Management
Certificate Program.
The board has initiated a search process to identify a permanent
president and CEO and has retained a leading executive search firm
to assist in the process.
Ingevity plans to release its third quarter 2024 earnings after
the stock market close on Wednesday, October 30, 2024, and hold a
live webcast on Thursday, October 31, to discuss third quarter 2024
fiscal results.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect
and enhance the world around us. Through a team of talented and
experienced people, we develop, manufacture and bring to market
solutions that help customers solve complex problems and make the
world more sustainable. We operate in three reporting segments:
Performance Materials, which includes activated carbon; Advanced
Polymer Technologies, which includes caprolactone polymers; and
Performance Chemicals, which includes specialty chemicals and road
technologies. Our products are used in a variety of demanding
applications, including agrochemicals, asphalt paving, certified
biodegradable bioplastics, coatings, elastomers, pavement markings
and automotive components. Headquartered in North Charleston, South
Carolina, Ingevity operates from 31 countries around the world and
employs approximately 1,700 people. The company’s common stock is
traded on the New York Stock Exchange (NYSE:NGVT). For more
information, visit Ingevity.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” “believes,” “anticipates” or
similar expressions. Forward-looking statements may include,
without limitation, leadership transitions; expected financial
positions, guidance, results of operations and cash flows;
financing plans; and business strategies and expectations. Actual
results could differ materially from the views expressed. Factors
that could cause actual results to materially differ from those
contained in the forward-looking statements, or that could cause
other forward-looking statements to prove incorrect, include,
without limitation, such factors detailed from time to time in Part
I, Item 1A. Risk Factors in our most recent Annual Report on Form
10-K as well as in our other filings with the SEC. These
forward-looking statements speak only to management’s beliefs as of
the date of this press release. Ingevity assumes no obligation to
provide any revisions to, or update, any projections and
forward-looking statements contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20241003721926/en/
Caroline Monahan 843-740-2068 caroline.monahan@ingevity.com
Investors: John E. Nypaver, Jr. 843-740-2002
investors@ingevity.com
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