PolyOne Names William Patient to Board as Non-executive Chairman
November 6, 2003
- Waltermire remains CEO, will focus on executing strategic plan
- Patient, Waltermire built predecessor company into industry leader
CLEVELAND, Nov. 6 /PRNewswire-FirstCall/ -- Citing the desire to allow
management more time to focus on successfully implementing the Company's
strategic plan, the Board of Directors of PolyOne Corporation (NYSE: POL), a
leading global polymer services company, has added William F. Patient to the
board and named him non-executive chairman. Thomas A. Waltermire remains a
director, president and chief executive officer, with responsibility for
The move reunites Patient, 69, and Waltermire, 54, who during the 1990s
transformed one of PolyOne's predecessor companies into a leading polymer
technology and service company. Patient retired in 1999 as chairman and chief
executive officer of The Geon Company and was succeeded by Waltermire. The
following year, Geon and M.A. Hanna Company joined forces to create PolyOne.
"As a board, we believe PolyOne's ability to execute its strategic plan as
quickly and successfully as possible is greatly strengthened with the addition
of a non-executive chairman so management can focus on improving business
performance," said board member Gale Duff-Bloom. "We are especially fortunate
to have the benefit of Bill Patient, whose deep understanding of the industry
and passion for this Company are unsurpassed. He will help monitor strategic
direction, corporate goals, time frames and priorities as well as serve as an
advisor to the CEO. With his outstanding track record, I am confident that he
can help PolyOne succeed."
PolyOne's strategic priorities are to:
- Reduce debt by divesting noncore assets.
- Improve working capital efficiency and profitability.
- Turn around two key businesses with good long-term potential.
- Align cost levels to fit the future portfolio and increase
- Grow via marketplace effectiveness and capturing international
The Company announced October 21 that its future focus will be on its
global Plastics Compounding and Color & Additive Masterbatch businesses, and
its Distribution business. Its other business operations -- Elastomers and
Performance Additives, Engineered Films and Specialty Resins -- are being
considered for divestment.
"PolyOne has the assets and the people to be the best in the business,"
said Patient. "My top priority is to see that we deliver on that potential
for the benefit of our customers, our stockholders and ourselves. The
immediate challenge is to successfully navigate the Company through the
transition, improve profitability and strengthen the balance sheet."
Waltermire said, "I realize PolyOne's recent performance is deeply
disappointing, and I appreciate the board's endorsement of our strategic
priorities and the great resource it is providing in Bill Patient. We work
well together and share a common view of what this Company can be and what it
will take for it to be successful. Clearly, this will allow us to accelerate
No specific timetable for Patient's involvement has been determined.
"I will be on board until we are all satisfied that this Company is
winning and on a stable path for long-term success," Patient said.
Patient serves on the boards of Navistar International Corp. and
Washington University and previously was chairman of the board of the
Cleveland State University Foundation. Before serving as CEO of Geon, he was
senior vice president of The BFGoodrich Company and president of its Geon
Vinyl division. Previously, he spent 27 years with Borg-Warner Chemicals,
fulfilling a range of assignments including vice president, sales and
marketing; vice president, manufacturing; and president, Borg-Warner Chemicals
Waltermire joined Geon as senior vice president and treasurer just prior
to its initial public offering in 1993. He and Patient worked closely on the
IPO and on the growth and strategic direction of the company as Waltermire
subsequently served as chief financial officer, chief operating officer and
PolyOne Corporation, with 2002 annual revenues approximating $2.5 billion,
is an international polymer services company with operations in thermoplastic
compounds, specialty resins, specialty polymer formulations, engineered films,
color and additive systems, elastomer compounding and thermoplastic resin
distribution. Headquartered in Cleveland, Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America, South America, Europe and Asia. Information on the
Company's products and services can be found at http://www.polyone.com .
SOURCE PolyOne Corporation
CONTACT: Dennis Cocco, Vice President, Investor Relations
& Communications of PolyOne Corporation, +1-440-930-1538
Web site: http://www.polyone.com