American specialty chemical maker, Chemtura Corporation has recently announced a realignment of its businesses into two groups - Performance Products and Engineered Products - and the establishment of an Executive Committee reporting to the CEO. Craig A. Rogerson, president, chairman and chief executive officer, commented: "The realignment of our product businesses is targeted on driving improved operational performance despite the difficult economic conditions confronting the global economy and our industry." The company statement said that it will implement measures to cut cash fixed costs by approximately US$50 mln, and generate cash through working capital improvement, reduced capital expenditures and potential asset sales.
The Executive Committee includes, in addition to Mr. Rogerson:
-- Stephen Forsyth, executive vice president, chief financial officer;
-- David Dickey, executive vice president and group president - Performance Products;
-- Alan Swiech, senior vice president of human resources; and
-- Billie Flaherty, senior vice president, general counsel and corporate secretary.
In addition, Dickey will lead Performance Products, which consists of the Consumer Products, Petroleum Additives, Urethanes, and Antioxidant/Ultraviolet plastic additives businesses. Rogerson will lead Engineered Products consisting of Flame Retardants, Crop Protection, Organometallics, and PVC/Surfactants businesses until a group president is appointed. "In addition, the alignment by Performance Products and Engineered Products should place emphasis on rationalization of the distinctive manufacturing footprints of the respective businesses. At each level, business leaders will have profit and loss accountability," said Rogerson.