Olin Corporation (NYSE: OLN) has announced the appointment of Kenneth Lane as its new President and Chief Executive Officer, effective March 18, 2024. Lane will be taking over from Scott Sutton, who will step down on the same day. Sutton will work with Lane to ensure a smooth transition of leadership responsibilities. Additionally, William Weideman has been appointed as the Chairman of the Board, effective February 16, 2024.
Kenneth Lane brings with him over 30 years of experience in leading a wide variety of commodity and specialty chemicals businesses. Prior to joining Olin, he served as the Executive Vice President of Global Olefins and Polyolefins at LyondellBasell, one of the world's largest plastics, chemicals, and refining companies. Lane also held senior executive leadership positions at BASF for 13 years and has international experience working in the United States, Malaysia, the United Kingdom, China, and Belgium.
William Weideman, Chairman of the Board of Directors, expressed the board's excitement about Lane joining the Olin team, stating, "Ken is a performance-driven leader with more than 30 years of experience leading a wide variety of both commodity and specialty chemicals businesses and has a proven track record of delivering both strong results and growth. The board is delighted to have Ken join the Olin team and we look forward to working together to continue to drive the company’s strategy while maintaining our disciplined capital allocation approach focused on creating shareholder value."
In response to his appointment, Kenneth Lane expressed his enthusiasm, saying, "I am honored and excited to lead Olin Corporation and build on its strong foundation. Olin has tremendous potential for the future, and I look forward to leveraging the company’s industry leading positions, strong manufacturing base, steady cash generative operating model and exceptional talent to drive growth and higher shareholder value."
Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced by Olin include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Additionally, the company's principal manufacturing facilities produce and distribute various types of ammunition.
Following the announcement, Olin Corporation's shares have experienced a 3.0% decrease and are currently trading at a price of $50.97.
The company's full 8-K submission is available here.
