24 April 2013 22:10 [Source: ICIS news]
HOUSTON (ICIS)--Ferro has named Peter Thomas as president and CEO effective immediately, the US-based specialty chemicals producer said on Wednesday.
Thomas had served as the interim CEO since November. Before, he was the company's operating vice president of polymer and ceramic engineered materials.
The promotion comes as Ferro is engaged in a proxy fight, with Jeffry Quinn, David Lorber and Nadim Qureshi running against the company's nominees for the board.
If elected, Quinn and the other two nominees would form a minority block that would attempt to persuade the rest of the board to adopt measures that they say would lower Ferro's costs and allow the company to focus on its core businesses.
Quinn currently heads Quinpario Partners, a private investment and operating company that is focused on specialty chemicals and performance materials. Before, Quinn was the CEO of Solutia.
Lorber is a co-founder of FrontFour Capital Group, an investment advisor. Qureshi is a partner in Quinpario.
Meanwhile, Ferro is contending with a takeover bid by US-based compounder A Schulman. In March, A Schulman bid $6.50/share to acquire Ferro. The offer valued Ferro at $855m (€658m), including an equity value of $563m.
Ferro rejected the bid.
Quinn and the other nominees have said that A Schulman's bid was too low, according to a proxy statement. However, Ferro should not have dismissed the offer without at least talking with A Schulman and attempting to negotiate a higher price, they said.
($1 = €0.77)
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