By: ICN Bureau
Last updated : October 08, 2024 10:51 am
Decision marks next step in comprehensive review of cost and operating structure
Albemarle Corporation, a global leader in providing essential elements for mobility, energy, connectivity and health, today announced the company's new operating structure to adapt to dynamic market conditions.
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 Nov. 1:
Specialties Business President Netha Johnson will become chief operations officer and continues to report to Chairman and CEO Kent 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, effective Nov. 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 succeeds Kristin 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, effective Nov. 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.