- Push-out Score determined
- After about four and a half years in the position
- Rick Kelson taking over in the interim
- Search for a successor
(exechange) — North Charleston, South Carolina, February 20, 2020 — Michael Wilson, chief executive of Ingevity, leaves. As announced by Ingevity Corp. in a news release and in a regulatory filing published on Thursday, February 20, 2020, D.Michael Wilson leaves his post as chief executive officer at the chemical manufacturing company after about four and a half years in the role, effective immediately.
Ingevity will undertake a search for a successor.
Michael Wilson’s duties as CEO will be taken over in the interim by Richard B. (Rick) Kelson, currently Chairman of Ingevity Corp., as interim Chief Executive Officer.
Michael Wilson’s departure from the CEO post is explained as follows. Ingevity said: “Wilson’s resignation is unrelated to the company’s financial reporting and business performance and is the result of matters relating to his personal conduct.”
Precise information regarding Michael Wilson’s future plans was not immediately available.
Ingevity said: “Ingevity’s board of directors and D. Michael Wilson agreed that he would resign as president, CEO, and a director, effective immediately.”
Share price decline
The announcement follows a decline in Ingevity Corp.’s share price of 44% since March 2019.
In the position of CEO since 2015
Michael Wilson became CEO of the Company in 2015.
Michael Wilson Wilson served as President and Chief Executive Officer, and as a director, of Ingevity.
Wilson came to Ingevity from Albemarle Corporation, where he served as Executive Vice President of Albemarle and President of Albemarle’s Performance Chemicals business in 2015.
Wilson served as President of Albemarle’s Catalyst Solutions business from September 2013 through 2014 and held a variety of business unit leadership roles at FMC Corporation over the course of more than fifteen years, including President of Specialty Chemicals, group head of Industrial Chemicals, and Division Manager of FMC Lithium.
Prior to FMC Corporation, Wilson served various roles at Rexam and Wausau Papers, including President of Rhinelander Paper Company. Wilson also serves on several non-profit boards.
He holds a Bachelor of Science degree in chemistry from the University of North Carolina and a Master of Business Administration from the Kenan-Flagler Business School at the University of North Carolina.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Ingevity and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2020 ($).