Syensqo leadership named
Solvay has published materials for an extraordinary shareholders’ meeting, including details of the executive leadership nominations for when it splits into two firms. The meeting will be held in Brussels on 8 December for shareholders to approve the split, which has been unanimously recommend by the board and the executive leadership.
Current Solvay CEO Dr Ilham Kadri (pictured) will take the same role at Syensqo, the larger of the two new firms. Also nominated to the leadership are Christopher Davis as CFO, Hervé Tiberghien as COO, Joëlle Boxus as chief people officer, Marc Chollet as chief strategy officer and Mark Rollinger as general counsel.
Syensqo will include the Specialty Polymers, Composites, Novecare, Aroma, Technology Solutions and Oil & Gas, with €7.9 billion in sales last year, plus the four ‘growth platforms’ in batteries, green hydrogen, thermoplastic composites, and renewable materials and biotechnology. The other, more commodity businesses will continue under the name of Solvay.
Syensqo will be organised in three global business units led by Michael Radossich (Consumer & Resources), Peter Browning (Specialty Polymers) and Rodrigo Elizondo (Composite Materials) respectively. It will operate via a multi-hub model reflecting its balanced geographic. Mike Finelli will head the North America hub, in addition to being chief innovation officer Dr Chen Pu will lead in Asia and another appointment will be made in Europe. Plans are to launch Syensqo via an IPO.
Solvay shareholders at the time of separation will receive shares in Syensqo pro rata to their shareholding in Solvay. The shares of each company will be listed on Euronext Brussels and Euronext Paris.