DALLAS - Celanese Corporation (NYSE: NYSE:CE), a global chemical and specialty materials company currently trading near its 52-week low at $67, has announced the election of Christopher Kuehn to its Board of Directors, effective January 1, 2025. With this addition, the company's Board will comprise 12 members, 11 of whom are independent. According to InvestingPro data, the company maintains a "Good" Financial Health score, suggesting strong corporate governance practices.
Kuehn, who currently serves as the Executive Vice President and Chief Financial Officer at Trane Technologies plc (NYSE:TT), a company recognized for its climate innovation efforts, brings extensive financial and technological expertise to the Celanese Board. His background includes overseeing investor relations, financial planning, and global information technology, among other responsibilities. Kuehn's tenure at Trane Technologies began in 2020, following a Reverse Morris Trust Transaction (JO:TCPJ) with Ingersoll Rand (NYSE:IR), where he had been the VP & Chief Accounting Officer.
His previous experience also includes roles at Whirlpool Corporation (NYSE:WHR) and SPX Corporation, as well as a foundational career at PricewaterhouseCoopers LLP starting in 1994. Kuehn holds a B.S. in Accounting and an M.B.A., and is a licensed CPA in New York.
Kim Rucker, Lead Independent (LON:IOG) Director at Celanese, expressed the Board's enthusiasm about Kuehn's election, citing his seasoned executive profile and his ability to enhance the Board's financial and risk management capabilities.
Kuehn is set to stand for re-election at the company's 2025 Annual Meeting of Shareholders.
Celanese is a Fortune 500 company, employing approximately 12,400 individuals globally, and reported net sales of $10.9 billion for the year 2023. With a market capitalization of $7.34 billion and a P/E ratio of 6.74, the company appears undervalued according to InvestingPro analysis. The company has maintained dividend payments for 20 consecutive years, with a current yield of 4.12%. For deeper insights into Celanese's valuation and growth prospects, investors can access comprehensive Pro Research Reports, available exclusively on InvestingPro, covering over 1,400 US stocks including CE. The company is recognized for its commitment to sustainability and inclusivity, and it continues to focus on creating value for customers, employees, and shareholders through its specialty material solutions.
This announcement is based on a press release statement from Celanese Corporation.
In other recent news, Celanese Corporation has appointed Scott Richardson as its new CEO and Edward Galante as the new Chair of the Board. The Fortune 500 company, which reported net sales of $10.9 billion in 2023, has seen its earnings expectations for the upcoming period revised downward by 18 analysts. However, the company remains committed to sustainable growth. In terms of analyst activity, UBS, BMO Capital Markets, and Piper Sandler have all downgraded their ratings for Celanese, citing concerns about the company's ability to manage its debt and the impact of a weaker-than-expected macroeconomic environment. The company's third-quarter earnings in 2024 were affected by market headwinds, and its fourth-quarter earnings are projected to drop significantly from $2.50 in Q3 to $1.25. To address this, Celanese plans to reduce its quarterly dividend in the first quarter of 2025 to lower its net debt to EBITDA ratio to three times. Other recent developments include the company's focus on cost reduction, delivering synergies, enhancing the Engineered Materials pipeline, and leveraging the Acetyl Chain. However, a potential merger with Blackstone (NYSE:BX) for Acetow has been ruled out due to regulatory concerns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.