OMNOVA Solutions Inc. Announces CEO Succession - Seite 2

McMullen's initiatives over the years ensured OMNOVA's prominence and profitability despite many market-based challenges. A predominately U.S.-based company when he took charge, McMullen led OMNOVA's transformation into a global enterprise. Today, OMNOVA products are sold in over 90 countries around the world, supported by manufacturing and technology centers on three continents. He drove initiatives to dramatically expand the breadth of OMNOVA's technology to significantly enhance its position as a value-added solutions provider. McMullen, 56, joined the Company in 1996 as President of its Decorative and Building Products unit. He took over as Chief Executive Officer of the Company in 2000 and became Chairman of the Board in 2001. Prior to OMNOVA, McMullen worked for GE and McKinsey & Co.

"I feel really good about where OMNOVA is today as a company," McMullen said. "Our specialty businesses are poised for above-market growth, our balance sheet has improved significantly, and we just completed a far-reaching strategic planning process that highlighted many exciting long-term opportunities. The Company is well-positioned to deliver significant long-term shareholder value." He added, "We have a strong and committed team – I will truly miss the people. But I'm relatively young and I want to pursue other interests. I think now is the time to pursue them."

Noonan, 53, is currently the President of OMNOVA's Performance Chemicals business. Under her leadership, the segment has significantly improved financial results. These results were accomplished through aggressive implementation of a manufacturing footprint alignment and business model restructuring, delivering cost reductions in excess of $10 million per year while establishing a cost competitive "blueprint" for future specialty growth. Additionally, through a focus on innovation and commercial excellence, a foundation has been established to accelerate specialty growth with accomplished market-specialized talent and a reinvigorated innovation pipeline.

"We are confident Anne will continue to drive enhanced value for shareholders. Anne is an accomplished executive with deep knowledge of the chemicals industry and OMNOVA," Merriman said. "She has a proven record of transformational change and improving performance through her leadership, customer focus, and emphasis on value creation. We are pleased she has agreed to lead OMNOVA, and we look forward to the contributions she will make to the Company and the Board."