Axiall searches new CEO, looks improve financial performance

Axiall searches for new CEO, looks to improve financial performance

5:59 AM, 7th July 2015
Axiall searches for new CEO, looks to improve financial performance
Timothy Mann Jr, executive vice president of strategy, general counsel and secretary, will serve as Axiall’s interim president and CEO. (File photo)

ATLANTA, US: Axiall Corporation said its president and CEO Paul Carrico has retired, effective immediately. Axiall is now searching for a new CEO as it looks to strengthen it’s financial performance and enhance shareholder value, it said. During this time, Timothy Mann Jr, executive vice president of strategy, general counsel and secretary, will serve as Axiall’s interim president and CEO.

The Axiall board has retained a leading executive search firm to assist with identifying qualified candidates. Both internal and external candidates are being considered for the role. Mann will work closely with the board and other members of Axiall’s executive team to oversee the company's ongoing transformation during the transition period.

“The board has an active CEO search process under way to identify the right executive. While the search is in process, the company will continue to execute on its cost reduction and other value-enhancing initiatives,” said Mark Noetzel, chairman, Axiall board.

“Axiall possesses valuable assets, great people and strong market positions, which we can leverage to strengthen our financial performance and drive shareholder value. One such example is Axiall’s recently announced joint venture with Lotte Chemical, which provides us an affordable and actionable path to secure approximately half of the company’s ethylene supply at an advantaged cost position,” said Mann.

In his current role, Mann led the Axiall team that designed and negotiated the joint venture with Lotte Chemical. Before joining Axiall in July 2012, he was a partner at the international law firm Jones Day. Prior to Jones Day, Mann served as CEO of Acsys Inc, a publicly traded business services company that he led from its founding thru IPO and to a successful sale to a strategic acquirer.

Carrico (64) was appointed president and CEO of Georgia Gulf Corporation in 2008. In the early years of his tenure, he led Georgia Gulf back to financial health. In 2013, he transformed Georgia Gulf through the combination with PPG’s chlor-alkali business, creating Axiall Corporation.

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