14 October 2010 21:18 [Source: ICIS news]
TORONTO (ICIS)--Eastman Chemical CEO James Rogers has been picked to serve as chairman of the company’s board, effective 1 January 2011, the US-based chemicals major said on Thursday.
Furthermore, Eastman said the board decided to create the position of an “independent lead director,” with former Dow Corning CEO Gary Anderson assuming that role on 1 January.
The company also said it planned to “declassify the board” to permit shareholders to vote annually for all directors. Currently, Eastman’s three classes of director are elected for staggered three-year terms.
If approved by shareholders, beginning with the 2012 annual meeting shareholders would vote on the re-election of the directors with terms expiring, or the election of their successors, to one year terms, Eastman said.
“The board believes these latest actions are in the best interests of Eastman and its stockholders, and are further demonstration of the company’s ongoing commitment to strong corporate governance,” said Howard Lance, chairman of the nominating and corporate governance committee, speaking on behalf of the board of directors.
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