DALLAS - Celanese Corporation (NYSE: NYSE:CE), a global chemical and specialty materials company currently trading near its 52-week low at $71.90, announced the return of Todd Elliott to its executive team. Elliott, who previously served as Senior Vice President (SVP) and head of the Acetyls business before retiring in 2020, will assume the role of SVP to lead the Engineered Materials (EM) business starting February 3, 2025. The announcement comes as the company approaches its next earnings release on January 29, 2025.
Elliott is set to succeed Tom Kelly, the current SVP of Engineered Materials. Kelly will aid in the transition until March 10, 2025. During his earlier tenure at Celanese, Elliott progressed through various leadership positions, including overseeing the Acetate Tow business and the company's European regional center. He played a critical role in developing the customer project pipeline model, which has been integral to Celanese's focus on value creation.
After leaving Celanese, Elliott spent five years as an independent consultant in the chemicals and polymers industry, advising on mergers and acquisitions, financial and operational analysis, and commercial strategies.
Scott Richardson, President and CEO of Celanese, expressed confidence in Elliott's capabilities, citing his deep industry knowledge and track record. Richardson emphasized that Elliott's experience with engineered polymers, familiarity with Celanese's operating models, and understanding of customer and market needs would enable him to contribute immediately to the company's growth and profitability.
Richardson also acknowledged the contributions of Tom Kelly over the past six years and expressed confidence in the company's strategic direction. He outlined the company's commitment to operational efficiency, competitive positioning, and shareholder value, mentioning initiatives to reduce costs, focus on capital deployment, and reduce risk in the capital structure. According to InvestingPro data, Celanese maintains strong financial health with an overall "GOOD" rating and has maintained dividend payments for 20 consecutive years, demonstrating its commitment to shareholder returns.
Celanese, a Fortune 500 company, reported 2023 net sales of $10.9 billion and employs approximately 12,400 people worldwide. The company is recognized for its contributions to sustainability and community impact.
The information in this article is based on a press release statement from Celanese Corporation.
In other recent news, Celanese Corporation has faced significant adjustments in analysts' outlooks, with Jefferies, UBS, and BMO Capital Markets all reducing their price targets due to industry challenges and concerns about the company's ability to manage its debt. The company's fourth-quarter earnings are projected to drop significantly, with a planned reduction in its quarterly dividend in the first quarter of 2025 to lower its net debt to EBITDA ratio. However, Celanese is focusing on cost management and operational excellence, setting priorities for cost reduction, delivering synergies, enhancing the Engineered Materials pipeline, and leveraging the Acetyl Chain.
In board-related developments, Christopher Kuehn, Executive Vice President and Chief Financial Officer at Trane Technologies (NYSE:TT), has been elected to the Celanese Board of Directors, expanding the board to 12 members. This recent appointment is expected to enhance the board's financial and risk management capabilities.
In leadership changes, Scott Richardson has been appointed as the new CEO, with Edward Galante elected as the new Chair of the Board. These recent developments reflect the company's determination to navigate ongoing macroeconomic difficulties and to focus on sustainable growth.
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