The Board of Directors has appointed Kurt J. Bitting as CEO and a Director of Ecovyst as Belgacem Chariag has departed the Company and the Board. During Belgacem’s tenure, the company made advancements, but the Board of Directors believes this leadership modernization will drive sustainable growth and shareholder value. In addition to the appointment of Bitting to the Board of Directors and to the CEO position, the company also announced that Kevin M. Fogarty will join the Board as the new, non-executive Chairman. The Board of Directors also has promoted Tom Schneberger, currently the President of the Catalyst Technologies segment, to the position of President of Ecovyst.

 

“As part of our long-term succession planning, we have been observing Kurt Bitting’s outstanding performance over the years and are excited to promote him to Chief Executive Officer,” said Tim Walsh, a Managing Director at CCMP Capital and the Lead Independent Director at Ecovyst. “We believe that Kurt’s successful tenure as the leader of Ecoservices, combined with Kevin Fogarty’s track record of success at Kraton Corporation, positions Ecovyst well to continue generating long-term value for our shareholders.”

 

Bitting has had a long and successful career with Ecovyst, having joined its Ecoservices segment in 2006 when the division was part of Rhodia. He has been a Vice President and the President of Ecoservices since March 2019 and has helped to grow Ecoservices’ Adjusted EBITDA by more than 60% in the last seven years, including an increase of 13% in 2021. Prior to joining Ecoservices, Bitting held management positions at Kinder Morgan, Inc. and Sprint Corporation. He is also a former Company Commander in the U.S. Army’s 10th Mountain Division. He graduated from Villanova University with a B.S. in Business Administration and holds an M.B.A. from Rider University.

 

“I am honored to take the reins as CEO of Ecovyst, having helped build its Ecoservices business during the past 15 years into a high growth industry leader that it is today. We have an exceptional opportunity to help our customers meet the clean energy and plastics needs of the global economy and prepare for a sustainable future by leveraging Ecovyst’s outstanding team, technology and operational capabilities. I look forward to working alongside Kevin and Tom to continue executing on our strategic growth plan and creating value for our shareholders,” said Bitting.

 

“I am excited to work with Kurt, Tom and the entire team to support their continued success, as we seek to drive sustainable growth at Ecovyst. My experience creating customer and shareholder value in similar end markets gives me confidence that we can drive substantial value for Ecovyst shareholders,” said Fogarty.