14 November 2012 15:04 [Source: ICIS news]
HOUSTON (ICIS)--US specialty chemicals producer Ferro has replaced its chairman and CEO James Kirsch, two weeks after announcing a third-quarter loss of $316m (€250m) and after a 65% slump in its share price since February.
Saying that "now is the right time to identify new leadership for the future", the company's board of directors has appointed its polymers and ceramics executive Peter Thomas as the interim CEO.
Ferro said he would be a candidate to take the role permanently, although other internal and external candidates will also be considered.
Highlighting the record of Thomas on achieving cost reductions, the directors said the board remains committed to a previously announced strategic review of Ferro's solar pastes business and to "aggressively pursuing actions to improve profitability".
Ferro is a global supplier of technology-based performance materials for electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products.
The Mayfield Heights, Ohio, company has 5,100 employees globally and reported 2011 sales of $2.2bn.
Its stock was trading at $2.64/share on Wednesday morning, down 5 cents from Tuesday and down from a 3 February peak at $7.50/share.($1 = €0.79)
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