OMNOVA Solutions Inc. Announces CEO Succession
Kevin M. McMullen to step down as Chairman, Chief Executive Officer and President of OMNOVA Solutions
Anne P. Noonan named President and Chief Executive Officer
William R. Seelbach named Chairman of the Board of Directors
BEACHWOOD, Ohio, Nov. 7, 2016 /PRNewswire/ -- OMNOVA Solutions Inc. (NYSE: OMN) today announced that it is moving forward with its CEO succession process, and Kevin M. McMullen is stepping down as Chairman, Chief Executive Officer and President, and as a member of the Board of Directors, effective December 1, 2016, to pursue other interests. In over 16 years leading the Company, McMullen succeeded in repositioning OMNOVA as a leader in specialty chemicals and engineered surfaces including aggressive portfolio actions highlighted by the acquisition of Eliokem International. OMNOVA has experienced significant positive momentum with adjusted earnings per share up nearly 60% year-to-date through the third quarter, following 29% growth for the full year 2015. He is enthused about his future and proud of the Company's progress under his leadership.
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McMullen will be succeeded by Anne P. Noonan as OMNOVA's President and Chief Executive Officer, effective December 1, 2016. Ms. Noonan will also be appointed to the Company's Board of Directors. In connection with this leadership transition, the Board of Directors has determined to separate the Chairman and Chief Executive Officer roles, electing William R. Seelbach as the Company's independent, non-executive Chairman, also effective December 1, 2016.
Michael J. Merriman, the Presiding Director of the OMNOVA Board of Directors, commented, "Kevin is a high-integrity leader with strong strategic and business acumen. We are thankful for Kevin's many years of leadership and his dedicated service to OMNOVA, both as Chief Executive Officer and as Chairman. He has consistently been aggressive in assessing the market and competitive environment, and taking the necessary actions to make the Company better. He leaves an organization with a well-designed growth strategy and strong leadership team in place. On behalf of the entire OMNOVA Board and the Company, I want to express our gratitude for a job well done and wish Kevin only the best. He will be missed."