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 ?xml:namespace>
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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