A Schulman appoints current chairman as its new CEO

A Schulman appoints current chairman as its new CEO

5:03 AM, 19th August 2016
A Schulman appoints current chairman as its new CEO

AKRON, US: A Schulman Inc said that its board of directors have appointed its chairman Joseph Gingo as the company’s new chief executive officer (CEO) and president, effective immediately. Gingo (71) had previously served in this capacity from 2008 through 2014. The board and Bernard Rzepka (56), current president and CEO, have mutually agreed that he will relinquish his officer role and his directorship role.

According to Gingo, the company will undertake a comprehensive review of its business plan, as well as near- and longer-term global end market trends. The company intends to retain a leading advisory firm to assist in this review process.

"Joe led this company through a remarkable seven-year renaissance as its chief executive officer and the board is confident that he will restore A Schulman's operational and financial performance to the high level our shareholders expect," said David Birney, lead independent director. "We thank Bernard for his dedicated service to the company during the last 24 years. His many contributions throughout his career with the Company should not be overlooked or minimized in light of this transition."

"Like our fellow shareholders, the board is not satisfied with the company's less-than-optimal performance throughout fiscal 2016," said Gingo. "In light of last week's earnings guidance revision, the time has come to conduct a comprehensive review of our business plan and strategic execution."

"Our intent is to provide additional information on our review as appropriate, when appropriate," he said. "We will not, however, speculate on any potential outcomes from this assessment or the timetable for it. The goal is to verify our market intelligence, refine our vision and improve our execution," added Gingo.

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