Albemarle Announces New Operating Structure to Increase Agility, Drive Cost Efficiencies and Maintain Long-Term Competitiveness
Decision marks next step in comprehensive review of cost and operating structure
Albemarle's operating structure will transition from two core global business units – Energy Storage and Specialties – to a fully integrated functional model designed to increase agility, deliver significant cost savings and maintain long-term competitiveness. The move is the next step in the company's comprehensive review of its cost and operating structure.
As part of this change, effective
- Specialties Business President
Netha Johnson will become chief operations officer and continues to report to Chairman and CEOKent Masters . In this role, he will lead global manufacturing, research and technology, capital projects and process chemistry execution. Johnson joined Albemarle in 2018 and has more than 25 years of experience in global manufacturing, leadership and general management. - Energy Storage Business President
Eric Norris will become chief commercial officer and continues to report to Masters. In this role, he will oversee enterprise product management, sales and commercial excellence. Norris joined Albemarle in 2018 and has more than 25 years of experience in strategy, corporate development and general management.
"The long-term growth potential of our industry is significant, and this structure enables Albemarle to take greater advantage of our world-class resources, global conversion network and process chemistry expertise while driving to a lower-cost structure," Masters said. "As our industry evolves, our new operating structure is designed to flex with the complexities of our markets, improve customer centricity and cost-effectively strengthen our core capabilities to maintain our leadership position."
In addition, the following leaders will report to Masters:
-
Melissa Anderson will become chief transformation officer, effectiveNov. 1 , which reflects her current oversight of people, strategy and transformation. -
Stacy Grant will become general counsel, corporate secretary and chief compliance officer, effective immediately, and succeedsKristin Coleman , who is leaving the company. Grant joined Albemarle in 2023 and previously served as vice president & deputy general counsel, global corporate affairs. -
Cynthia Lima remains chief external affairs and communications officer and will add oversight responsibility for product stewardship. -
Mark Mummert will become chief capital, resources and integrated supply chain officer, effectiveNov. 1 , which includes expanded responsibility for resources, joint venture management, customer service and operational excellence. -
Neal Sheorey remains chief financial officer and will add oversight responsibilities for information technology, global business services and real estate. -
Michael Simmons remains president of Ketjen, a wholly owned subsidiary.
Albemarle will continue to report results across its three existing operating segments: Energy Storage, Specialties and Ketjen. During a conference call to discuss its third-quarter 2024 results, Albemarle will provide a further update on its cost and operating structure, including estimated financial impacts. The call is scheduled for
About Albemarle
Albemarle regularly posts information to www.albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations,
Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future, which constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated, often contain words such as "anticipate," "believe," "could," "estimate," "expect," "focus," "intend," "may," "should," "would," "will" and variations of such words and similar expressions. Forward-looking statements may include, without limitation, statements regarding future or expected: operating structure, cost savings, long-term competitiveness, industry growth potential, market conditions, and all other information relating to matters that are not historical facts. Factors that could cause our actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; adverse changes in liquidity or financial or operating performance; fluctuations in lithium market prices, and the other factors detailed from time to time in the reports we file with the
Media Contact:
Investor Relations Contact: +1 (980) 299-5700,
invest@albemarle.com
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