- After about three years in the position
- Praise and thanks for Sutton
- Search for a successor
- Sutton kept it short and said 46 words
(exechange) — Clayton, Missouri, September 1, 2023 — Scott Sutton, chief executive of Olin, leaves his position — by “mutual agreement.” As announced by Olin Corp. in a news release and in a regulatory filing published on Friday, September 1, 2023, Scott M. Sutton leaves his post as chief executive officer at the manufacturer of chemical products and ammunition, after about three years in the role, effective in the first half of 2024.
Olin will undertake a search for a successor.
No reason given
In the announcement, Olin did not explicitly explain the reason for the move.
Precise information regarding Scott Sutton’s future plans was not immediately available.
“Step down”
Olin said: “Scott Sutton will step down as President, Chief Executive Officer, and Chairman of the Board in the first half of 2024.”
Olin further stated: “Olin Corporation (the “Company”) announced that, by mutual agreement, Mr. Scott Sutton will step down as the Company’s President, Chief Executive Officer and Chairman of the Board in the first half of 2024.”
“Not the result of any disagreement”
Olin stated, regarding the change: “Mr. Sutton’s agreement to step down from his position was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
Share price increase since September 2020
The announcement follows an increase in Olin Corp.’s share price of 389% since September 2020. September 2020 is the month in which Sutton’s tenure as CEO began.
In the position of CEO since 2020
Scott Sutton became CEO of the Company in 2020.
Sutton will continue as Executive Chairman of the Board until his departure to facilitate a smooth transition.
Sutton became Chairman, President and Chief Executive Officer of Olin Corporation on April 22, 2021, after serving as Olin’s President and Chief Executive Officer since September 2020.
From December 2019 to July 2020, he served as Chief Executive Officer and a member of the Board of Directors of Prince International Corporation, a privately held specialty chemicals company.
From August 2013 to February 2019, he served in a variety of roles of increasing responsibility at Celanese Corporation, a global chemical and specialty materials company, including Chief Operating Officer, Executive Vice President and President, Materials Solutions, and Vice President and General Manager, Engineered Materials.
Earlier in his career, Sutton served as President and General Manager of Chemtura Corporation’s AgroSolutions business, business manager for Landmark Structures and a division vice president for Albemarle Corporation.
Sutton earned a bachelor’s degree in civil engineering from Louisiana State University and is a registered professional engineer in Texas.
46 words by Scott Sutton
In the release announcing his departure as CEO of Olin Corp., Scott Sutton received praise and thanks.
In announcing his departure, Scott Sutton kept it short and said 46 words.
“Strong foundation”
Scott Sutton stated: “It has been a privilege and an honor to lead Olin. Olin has a great future ahead and the Board and I are working closely together to identify an excellent leader who will enable the next phase of growth for Olin building on our strong foundation.”
Push-out Score for Scott Sutton’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Scott Sutton was pushed out or felt pressure to leave his position.
exechange reached out to Olin and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 36.2023 ($).