PolyOne Names Stephen D. Newlin Chairman, President and Chief Executive Officer
February 14, 2006
CLEVELAND, Feb. 14 /PRNewswire-FirstCall/ -- PolyOne Corporation
(NYSE: POL), a leading global polymer compounding and North American
distribution company, announced today the appointment of Stephen D. Newlin,
president of the Industrial Sector of Ecolab Inc., as chairman, president and
chief executive officer, effective February 21.
Newlin, 53, brings to PolyOne an extraordinarily strong background in
sales and marketing, with a particular focus on supporting the customer
through the delivery of value-added products and services. He also has
significant experience in international operations, merger and acquisition,
integration and change management.
"In Steve Newlin, we have found a leader with a broad, diverse skill set
and the in-depth knowledge of global markets that comes only from having lived
and worked abroad," said Farah M. Walters, chair of the Compensation and
Governance Committee of PolyOne's Board of Directors. "Just as importantly,
Steve believes in our mission and has confidence in PolyOne's potential to be
a strong, healthy, growing Company that serves and rewards its stakeholders
and outperforms its peers."
Newlin has been with Ecolab, a specialty chemical company, since 2003. A
leading global developer and marketer of premium cleaning, sanitation, pest
elimination, maintenance and repair products and services, the St. Paul,
Minnesota-based company serves the hospitality, food service, health care and
industrial markets. Earlier, Newlin spent more than two decades with Nalco
Chemical Company (now Nalco Holding Company), where he ultimately served as
president, chief operating officer and a director.
"Throughout his distinguished career, Steve Newlin has proved that he
knows how to motivate people to embrace and accelerate change and to deliver
value and results," said PolyOne Chairman William F. Patient, who has been
serving as CEO. "Steve espouses a customer-centric approach that will
resonate among PolyOne's stakeholders. With his extensive commercial and
management background, he understands the critical importance of innovation,
superior service, product quality and consistency, and reliable delivery."
Newlin becomes the third CEO since PolyOne's formation in 2000. "I am
honored by the board's confidence in me and eager to get to work," he said.
"The foundation is in place for a Company capable of sustained, profitable
growth fueled by strategic sales and marketing, innovation and enhanced global
positioning. I look forward to meeting with my new colleagues and hearing
their ideas on how, together, we can make this Company great."
With Newlin's arrival, Patient will move into the newly created position
of lead director of the board. Patient is a former chairman and CEO of The
Geon Company, a predecessor of PolyOne. As non-executive chairman of PolyOne
since November 2003, he agreed at the board's request to take on the duties of
CEO when Thomas A. Waltermire stepped down as president, chief executive
officer and a director on October 7, 2005.
"Bill has been an excellent steward of PolyOne throughout this
transitional period," said Walters. "With diligence and purpose, he took
charge and did an exceptional job. The entire organization owes him its
heartfelt thanks. We have benefited from the presence of one proven leader,
and now we move forward with another."
About Stephen D. Newlin
At Ecolab - a $4.5 billion company with 21,000 employees and operations in
approximately 170 countries - Newlin led the Industrial Sector, which
comprises seven divisions that provide cleaning and sanitation solutions for
the food and beverage, health care, textiles, vehicle care and water care
Prior to joining Ecolab, Newlin spent 23 years with Nalco Chemical, a $3
billion global specialty chemical company with 10,000 employees. Starting as
a sales representative in 1980, he progressed rapidly through a series of
sales management and general management positions and was named president of
Nalco Pacific in 1992. In this role, he led all manufacturing, functional and
commercial activities in Asia Pacific.
In 1994, Newlin embarked on a three-year assignment as president of Nalco
Europe, with responsibility for all aspects of the company's businesses
throughout Europe and the Middle East, including all commercial functions,
research and development, manufacturing, finance and support services. In
this position, he led a successful change initiative to reorganize the
business around markets rather than geography. He also instilled a value-
added philosophy toward customers.
Returning to the United States, Newlin was named president of Nalco's
Specialty Division, then was elected president and a director of the company
in 1998. He added the responsibilities of chief operating officer and vice
chairman in 2000. That same year, he became chairman of Nalco Exxon Energy
Chemicals, a joint venture of Nalco and Exxon Energy Chemicals. He elected to
leave Nalco in 2001.
Before joining Nalco, Newlin served a brief stint as a commissioned
officer in the U.S. Public Health Service, where he led the design,
contracting and construction of water and wastewater systems. He holds a
bachelor of science degree in civil engineering from the South Dakota School
of Mines. In 1990, he completed the Advanced Management Program at Harvard
Newlin is a member of the Board of Directors of Black Hills Corporation
(NYSE: BKH), a diversified energy company based in Rapid City, South Dakota.
He also serves on the Board of Trustees of the South Dakota School of Mines
Newlin currently resides with his family in Medina, Minnesota. He and his
wife, Terry, have two sons: Scott, 14, and Grant, 17.
PolyOne Corporation, with 2005 annual revenues of approximately $2.5
billion, is a leading global compounding and North American distribution
company with operations in thermoplastic compounds, specialty polymer
formulations, color and additive systems, and thermoplastic resin
distribution. Headquartered in northeast Ohio, PolyOne has employees at
manufacturing sites in North America, Europe, Asia and Australia, and joint
ventures in North America and South America. Information on PolyOne's
products and services can be found at www.polyone.com.
In this press release, statements that are not historical information are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. We cannot guarantee that any forward-looking
statement will be realized, although we believe we have been prudent in our
plans and assumptions. Forward-looking statements give current expectations
or forecasts of future events and are not guarantees of future performance.
They are based on management's expectations that involve a number of business
risks and uncertainties, any of which could cause actual results to differ
materially from those expressed in or implied by the forward-looking
statements. You can identify these statements by the fact that they do not
relate strictly to historic or current facts but allude to future operating or
Achievement of future results is subject to risks, uncertainties and
inaccurate assumptions. Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate, actual results
could vary materially from those anticipated, estimated or projected.
Investors should bear this in mind as they consider forward-looking
statements. Some specific factors that could cause actual results to differ
materially include, but are not limited to:
- a failure of PolyOne to achieve its potential to be a strong, healthy, growing Company that serves and rewards its stakeholders and outperforms its peers; - changes in U.S., regional or world polymer consumption growth rates affecting PolyOne's markets; - a failure of the new CEO to motivate people to embrace and accelerate change and to deliver value; - a failure of PolyOne to create sustained, profitable growth fueled by strategic sales and marketing, innovation and enhanced global positioning; and - other factors affecting our business beyond our control, including, without limitation, changes in the general economy, the cost of raw materials, interest rates and the rate of inflation.
You are advised to consult our reports on Form 10-Q, 8-K and 10-K provided
to the Securities and Exchange Commission for additional risk factors that
could affect PolyOne's performance. You should understand that it is not
possible to predict or identify all risk factors. Consequently, you should
not consider any list to be a complete set of all potential risks or
We undertake no obligation to publicly update forward-looking statements,
whether as a result of new information, future events or otherwise.
SOURCE PolyOne Corporation
CONTACT: Dennis Cocco, Vice President, Investor Relations &
Communications of PolyOne Corporation, +1-440-930-1538
Web site: http://www.polyone.com