MOVES: TPC Group CEO Charlie Shaver to step down by end 2011

17 September 2010 15:45  [Source: ICIS news]

TORONTO (ICIS)--TPC Group chief executive and president Charlie Shaver plans to retire from the company by 31 December 2011, the US butadiene producer said on Friday.

Shaver may retire earlier, subject to the naming of a successor, the company said, adding it had formed a search committee to find a new chief executive.

In a conference call, an analyst questioned TPC's succession plans, saying Shaver's retirement came a surprise.

Shaver responded that he was "in no hurry" and his retirement was not immediate. Also, TPC had a strong and experienced executive team, he said.

"I think this is the right time to think about retirement," he said.

Michael Ducey, chairman of the board of directors, said in a separate statement: “We are particularly grateful that Charlie will continue his leadership during this period and know that his active involvement will ensure a successful transition for our employees, customers and shareholders."

Earlier on Friday, TPC reported that fiscal 2010 fourth-quarter net income rose 85% year on year to $14m (€11m), primarily because of significantly higher average selling prices.

($1 = €0.76)

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By: Stefan Baumgarten
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