SABIC and Clariant sign governance agreement

Clariant and SABIC jointly announced the signing of a Governance Agreement that defines SABIC’s position as a strategic anchor shareholder and confirms Clariant’s independence as a publicly-listed company under Swiss corporate governance. SABIC recently completed the purchase of a 24.99 % stake in Clariant.

 

At the Extraordinary General Meeting scheduled for 16 October 2018, it will be proposed to expand the Clariant Board of Directors to 12 members of which four Board members to be nominated by SABIC. Furthermore, it will be proposed that Hariolf Kottmann will become the new Chairman of the Board, succeeding Rudolf Wehrli. Hariolf Kottmann will resign from his position as Clariant CEO on 16 October 2018. SABIC’s current Specialties Executive Vice President Ernesto Occhiello has been appointed as new CEO of Clariant, effective as of 16 October 2018.

 

 

The two senior leaders will ensure continuity and further sustainable growth of Clariant. With Ernesto Occhiello, Clariant will have an experienced business leader on board with an extensive background in specialty chemicals as well as in R&D and innovation. Prior to SABIC, Ernesto Occhiello worked at The Dow Chemical Company, EniChem and Montedison. Ernesto Occhiello brings a proven track record in business transformation, growing SABIC’s multi-billion dollar specalities business unit into an organization offering unique technologies with profitability levels of more than double the competitive benchmark average. He also successfully redesigned the R&D organizations of top global chemical players, aligning them to business-driven efforts, while improving financial impact and innovation.

 

Hariolf Kottmann, as new Chairman of the Board, will continue to shape Clariant’s successful strategic development, based on his 10-year-experience as the company’s CEO and a 35-year track record in the industry.

 

The four proposed members for the Board of Directors are: Abdullah Mohammed Alissa, Calum MacLean, Geoffery Merszei and Dr. Khaled Hamza Nahas.

 

The changes in governance will not affect other elements of the governance structure of Clariant. The registered seat of Clariant shall continue to be in Muttenz, Switzerland, its headquarters and corporate center in Pratteln, Switzerland. Clariant shares will remain listed on the SIX Swiss Exchange.