NORTHBROOK,
Ill., Oct. 30, 2024 /PRNewswire/ -- Stepan
Company (NYSE: SCL) today announced the appointment of Luis E. Rojo as President and Chief Executive
Officer and as a member of the Board of Directors, effective
immediately.
After a 31-year Stepan career, Scott R. Behrens is departing the Company to
pursue other opportunities. "We thank Scott for his leadership and
his many contributions to the growth and diversification of Stepan
over his career with the Company. During his various roles in
R&D, sales and marketing, and leadership, he helped diversify
our market presence, deliver innovative sustainable technologies
and complete multiple acquisitions. We wish him well in his future
endeavors," said F. Quinn Stepan,
Jr., Chairman of the Board of Stepan.
Mr. Rojo was most recently the Company's Vice
President and Chief Financial Officer, having served in that role
since April 2018. He was previously
in increasingly senior finance leadership roles during his 21-year
career at Procter & Gamble Co. In addition to his
financial expertise and strategic acumen, Mr. Rojo's experience
includes a focus on driving commercial and operational results. His
promotion to President and CEO underscores the Company's commitment
to driving long-term strategic value for its shareholders.
"As CFO of Stepan, Luis has developed a deep
understanding of all aspects of our business. While he has a strong
financial mindset, he also brings a blend of strategic thinking
combined with a laser focus on capturing current market and
operational opportunities," said Mr. Stepan. "Luis is a passionate
leader who cares deeply about our customers, employees and
shareholders. Together with the strong team we have at Stepan, we
are confident he will drive profit recovery and deliver value for
our shareholders."
"I am honored to assume the CEO role at Stepan
Company and to work alongside our talented team," said Mr. Rojo.
"Together we will work to deliver profitable growth based on
customer-centric innovation and operational excellence. I am
excited about the opportunities we have as a company and look
forward to creating value for our shareholders."
Stepan also announced that Samuel S. Hinrichsen, currently the Company's
Global Director of Finance, will serve as Vice President and
Interim Chief Financial Officer until such time as a permanent
replacement is named. The Company intends to conduct a
comprehensive search to identify a permanent Chief Financial
Officer.
Corporate Profile
Stepan Company is a major manufacturer of
specialty and intermediate chemicals used in a broad range of
industries. Stepan is a leading merchant producer of surfactants,
which are the key ingredients in consumer and industrial cleaning
and disinfection products and in agricultural and oilfield
solutions. The Company is also a leading supplier of polyurethane
polyols used in the expanding thermal insulation market, and CASE
(Coatings, Adhesives, Sealants, and Elastomers) industries.
Headquartered in Northbrook, Illinois, Stepan utilizes a
network of modern production facilities located in North and
South America, Europe and Asia.
The Company's common stock is traded on the New
York Stock Exchange (NYSE) under the symbol SCL. For more
information about Stepan Company please visit the Company online
at www.stepan.com.
More information about Stepan's sustainability
program can be found on the Sustainability page at
www.stepan.com.
Certain information in this news
release consists of forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include statements about Stepan Company's plans,
objectives, strategies, financial performance and outlook, trends,
the amount and timing of future cash distributions, prospects or
future events and involve known and unknown risks that are
difficult to predict. As a result, Stepan Company's actual
financial results, performance, achievements or prospects may
differ materially from those expressed or implied by these
forward-looking statements. In some cases, you can identify
forward-looking statements by the use of words such as "may,"
"could," "expect," "intend," "plan," "seek," "anticipate,"
"believe," "estimate," "guidance," "predict," "potential,"
"continue," "likely," "will," "would," "should," "illustrative" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by Stepan Company and its
management based on their knowledge and understanding of the
business and industry, are inherently uncertain. These statements
are not guarantees of future performance, and stockholders should
not place undue reliance on forward-looking statements.
There are a number of risks, uncertainties and
other important factors, many of which are beyond Stepan Company's
control, that could cause actual results to differ materially from
the forward-looking statements contained in this news release. Such
risks, uncertainties and other important factors include, among
other factors, the risks, uncertainties and factors described in
Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and
exhibits to those reports, and include (but are not limited to)
risks and uncertainties related to accidents, unplanned production
shutdowns or disruptions in manufacturing facilities; reduced
demand due to customer product reformulations or new technologies;
our inability to successfully develop or introduce new products;
compliance with laws; our ability to identify suitable acquisition
candidates and successfully complete and integrate acquisitions;
global competition; volatility of raw material and energy costs and
supply; disruptions in transportation or significant changes in
transportation costs; downturns in certain industries and general
economic downturns; international business risks, including
currency exchange rate fluctuations, legal restrictions and taxes;
unfavorable resolution of litigation against us; maintaining and
protecting intellectual property rights; our ability to access
capital markets; global political, military, security or other
instability; costs related to expansion or other capital projects;
interruption or breaches of information technology systems; our
ability to retain executive management and key personnel; and our
debt covenants.
These forward-looking statements are made only
as of the date hereof, and Stepan Company undertakes no obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE Stepan Company