Ingevity Corporation (NYSE: NGVT) has announced the departure of John Fortson as President and Chief Executive Officer, effective as of October 2, 2024. The company's board of directors has appointed Luis Fernandez-Moreno, a current board director, as the interim President and CEO while they conduct a search for a permanent replacement.
Under Fortson's leadership, Ingevity successfully transitioned into a standalone public company, expanded its global footprint, and established itself as a leader in key markets. The board expressed gratitude for Fortson's contributions over the past nine years and wished him the best in his future endeavors.
Fernandez-Moreno, who has been a member of Ingevity's board of directors since its spinoff in 2016, brings a 40-year history of successfully leading complex global businesses in the specialty chemicals industry. He has held leadership positions in companies like Ashland Inc.'s chemicals division and served on the board of directors of Select Water Solutions Inc.
Ingevity plans to release its third-quarter 2024 earnings after the stock market close on Wednesday, October 30, 2024, and will hold a live webcast on Thursday, October 31, to discuss the fiscal results.
Ingevity operates in three reporting segments: Performance Materials, Advanced Polymer Technologies, and Performance Chemicals. The company's products are used in various applications, including agrochemicals, asphalt paving, coatings, elastomers, and automotive components.
As of the latest information available, Ingevity operates in 31 countries around the world and employs approximately 1,700 people. The company's common stock is traded on the New York Stock Exchange under the symbol "NGVT." The market has reacted to these announcements by moving the company's shares -10.5% to a price of $33.51. For more information, read the company's full 8-K submission here.
