- After almost 10 years in the position
- Praise for Patterson
- Ashish Khandpur taking over
- Patterson said 76 words
(exechange) — Cleveland, Ohio, November 13, 2023 — Bob Patterson, chief executive of Avient, leaves his position. As announced by Avient Corp. in a news release on Monday, November 13, 2023, Robert M. (Bob) Patterson leaves his post as chief executive officer at the manufacturer of specialized polymer materials, after almost 10 years in the role, effective December 1, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Bob Patterson’s duties as CEO will be taken over by Ashish K. Khandpur, most recently Group President of the Transportation and Electronics Business at 3M.
The fact that Bob Patterson’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“Ashish is the right person”
Avient did not give an explicit reason for Bob Patterson’s departure from the CEO post. Richard H. Fearon, Lead Independent Director, stated: “During our extensive search process, it became clear to our Board that Ashish is the right person to lead Avient at this stage of Avient’s journey.”
Precise information regarding Bob Patterson’s future plans was not immediately available.
“Retire”
Avient said: “Robert M. Patterson will retire from his roles as President and CEO and resign from the Board.”
Share price decline since November 2021
The announcement follows a decline in Avient Corp.’s share price of 41% since November 2021.
In the position of CEO since 2014
Bob Patterson became CEO of the Company in 2014.
He will remain with the Company through May 31, 2024 in an advisory capacity to help facilitate the leadership transition.
Bob Patterson serves as Chairman, President and Chief Executive Officer of Avient.
Patterson has served as Chairman of Avient since 2016, and as President and Chief Executive Officer of Avient since 2014.
Prior to serving in his current roles, he served as Avient’s Executive Vice President and Chief Operating Officer from 2012 until 2014, Executive Vice President and Chief Financial Officer from 2011 until 2012, and Senior Vice President and Chief Financial Officer from 2008 until 2011.
Prior to joining Avient, Patterson served in leadership roles at Novelis, Inc., an aluminum rolled products manufacturer, and SPX Corporation, a multi-industry manufacturer and developer, after starting his career at Arthur Andersen LLP.
76 words by Bob Patterson
In the release announcing his departure as CEO of Avient Corp., Bob Patterson received praise.
In announcing his departure, Bob Patterson said 76 words.
“Supporting him however I can”
Bob Patterson stated: “I look back on my 15 years with the company with a great sense of pride and gratitude. Working with our associates to create a Great Place to Work® culture was an honor, as we served customers and helped to positively and sustainably impact our world. I have great confidence in Ashish as the next CEO of Avient to do even more, and I look forward to supporting him however I can during the upcoming transition.”
Push-out Score for Bob Patterson’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Bob Patterson was pushed out or felt pressure to leave his position.
exechange reached out to Avient and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2023 ($).