- After about four years in the position
- Praise and thanks for Douglas
- Pierre Brondeau taking over
(exechange) — Philadelphia, Pennsylvania, June 11, 2024 — Mark Douglas, chief executive of FMC, leaves his position. As announced by FMC Corp. in a news release and in a regulatory filing published on Tuesday, June 11, 2024, Mark A. Douglas leaves his post as chief executive officer at the agricultural sciences company, after about four years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Mark Douglas’s duties as CEO will be taken over by Pierre R. Brondeau, a former chief executive officer at FMC Corp.
Mark Douglas’s move coincides with a management shake-up also involving the position of President.
“Delivering strong, consistent earnings performance”
FMC did not give an explicit reason for Mark Douglas’s departure from the CEO post. C.Scott Greer, lead independent director of the FMC board, stated: “Pierre is a respected executive in the chemical and specialty materials industries with a track record of delivering strong, consistent earnings performance.”
Precise information regarding Mark Douglas’s future plans was not immediately available.
“Stepped down”
FMC said: “FMC Corporation … today announced that its Board of Directors has appointed Pierre Brondeau to be chief executive officer in addition to his role as board chairman. He succeeds current president and CEO Mark Douglas, who has stepped down from FMC following more than 14 years with the company.”
Share price decline since June 2021
The announcement follows a decline in FMC Corp.’s share price of 54% since June 2021.
In the position of CEO since 2020
Mark Douglas became CEO of the Company in 2020.
Douglas will serve as an executive advisor to the senior management team through September 1.
Douglas was appointed President and Chief Executive Officer on June 1, 2020.
He served as President and Chief Operating Officer of FMC from June 2018 until June 2020.
He joined FMC in March 2010 as Vice President, Global Operations and International Development, and has served as President of the Industrial Chemicals Group and President of the Agricultural Solutions business.
Douglas joined FMC from The Dow Chemical Company where he was Vice President, President Asia, Dow Advanced Materials.
Prior to Dow, he was Corporate Vice President, President Asia, Rohm and Haas Company, based in Shanghai.
During his twenty-one years with Rohm and Haas, Douglas held sales, marketing and executive management positions in London, Singapore, Shanghai, and Philadelphia.
Douglas is a member of the Boards of Directors of Quaker Chemical Corporation (d/b/a Quaker Houghton) and Crop Life International.
No statement by Mark Douglas
In the release announcing his departure as CEO of FMC Corp., Mark Douglas received praise and thanks.
The announcement of his departure as CEO does not include a statement by Mark Douglas.
The above text is an excerpt from the exechange report 25.2024 ($), publication date June 17, 2024.