- Push-out Score determined
- After about six years in the position
- Praise for Vergnano
- Mark Newman taking over
- Vergnano will remain as Chairman at Chemours
- Vergnano spoke at length and said 196 words
(exechange) — Wilmington, Delaware, June 3, 2021 — Mark Vergnano, chief executive of Chemours, leaves his position. As announced by Chemours Co. in a news release and in a regulatory filing published on Thursday, June 3, 2021, Mark P. Vergnano leaves his post as chief executive officer at the chemistry company after about six years in the role, effective July 1, 2021.
Mark Vergnano’s duties as CEO will be taken over by Mark E. Newman, currently Chief Operating Officer at Chemours Co.
“Well thought out transition”
Mark Vergnano’s departure from the CEO post is explained as follows. Richard H. Brown, current Chairman of the Board, said: “As I reflect on this well thought out transition, I am confident that Mark Newman will lead the company effectively into its next phase of growth given his track record as a leader.”
Vergnano will remain as Chairman at Chemours
“Mr. Vergnano will be retiring from the company and assume the position of non-executive Chairman of the company’s Board of Directors for the balance of 2021, assuring an effective transition of leadership to Mr. Newman. In this role he succeeds Richard H. Brown, current Chairman of the Board, who has announced his intention to retire after leading the Board of Directors for the last six years. With these changes, Dawn Farrell, who has served on the Board of Directors since the company’s founding and is a member of the Audit Committee and Compensation Committee, will become the company’s Lead Independent Director,” Chemours said.
Chemours said: “Mark Newman, the company’s current Chief Operating Officer, will become President and Chief Executive Officer of Chemours, succeeding Mark Vergnano, who has served as President and Chief Executive Officer since the company’s founding in 2015.”
Chemours further said: “Mark Vergnano, President and Chief Executive Officer of the Company, plans to retire from his position effective July 1, 2021.”
Share price decline since June 2018
The announcement follows a decline in Chemours Co.’s share price of 25% since June 2018.
In the position of CEO since 2015
Mark Vergnano became CEO of the Company in 2015.
Chemours named Mark Vergnano its first CEO prior to the company’s spinoff from DuPont in July 2015.
He brought with him three decades of experience in the chemical industry.
Mark Vergnano used an ambitious five-point transformation plan to navigate financial uncertainties and lead the company through challenges associated with building a new company: adopting policies more appropriate for a smaller company and creating a distinctive corporate culture rooted in entrepreneurship.
Mark Vergnano has served on the board of the U.S. National Safety Council (NSC) for seven years and in 2017, was appointed as chair of the NSC Board of Directors.
Mark Vergnano began his career at DuPont in 1980 as a process engineer in its fibers business.
He served with distinction in various leadership capacities in diverse global locations for 35 years, and became executive vice president in October 2009.
Born in Hartford, Connecticut, Mark Vergnano earned a Bachelor of Science degree in chemical engineering from the University of Connecticut and a Master of Business Administration from Virginia Commonwealth University.
He’s a member of the University of Connecticut School of Engineering Academy of Distinguished Engineers and Hall of Fame.
He serves on the advisory board for the University of Connecticut School of Engineering and is a member of Johnson Controls International’s board of directors.
Mark Vergnano serves as vice chairman of the American Chemistry Council board of directors.
He chairs the council’s Board Finance, Audit, and Membership Committee.
He also serves on the executive committee of the Society of Chemical Industry.
In 2018, Mark Vergnano received the American Institute of Chemical Engineers’ (AIChE) Government and Industry Leaders (AGILE) Award.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mark Vergnano’s move on a scale of 0 to 10.
exechange reached out to Chemours and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2021 ($).