Celanese Corporation Announces Leadership Transition

Celanese Corporation (NYSE: CE) made an important announcement on December 9, 2024, regarding a significant leadership transition within the company. Scott A. Richardson has been appointed as the Chief Executive Officer and President of Celanese Corporation by the Company’s Board of Directors, effective January 1, 2025. Concurrently, Edward G. Galante, an independent Board member, has been elected to the position of Chair of the Board.

As part of this transition, Lori J. Ryerkerk will be stepping down from her roles on the Board and as the Chief Executive Officer and President of the Company immediately prior to the Transition Date.

Scott Richardson, who has been with Celanese Corporation for over two decades, holding various key management positions, will also fill the vacancy created by Lori J. Ryerkerk’s departure on the Company’s Board. Richardson has served as the Executive Vice President and Chief Operating Officer of Celanese since November 2023, previously holding the role of Executive Vice President and Chief Financial Officer since February 2018.

The Compensation and Management Development Committee of the Board has approved revised compensation terms for Mr. Richardson, encompassing an annual base salary of $1,150,000. Additionally, it includes a 2025 target annual bonus opportunity amounting to 125% of the base salary, effective from the Transition Date. Furthermore, his target annual equity grant for fiscal year 2025 is valued at approximately $7,500,000, to be granted in February 2025, consisting of a mix of performance shares and non-qualified stock options.

Regarding the departure of Lori J. Ryerkerk, Celanese Corporation expects to enter into a separation agreement with her, entailing severance benefits under the Company’s Executive Severance Benefits Plan and the vesting of her outstanding time-based equity awards.

The Company has provided additional details regarding these changes and compensatory arrangements in its Form 8-K filing. A full text of the related documents can be accessed through the exhibits attached to the filing.

The press release disclosing the aforementioned appointments and transitions is available in Exhibit 99.1 of the Company’s Form 8-K filing dated December 9, 2024.

This transition marks a significant change in Celanese Corporation’s top-level management and underscores the company’s commitment to ensuring a smooth leadership transition for continued growth and success.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Celanese’s 8K filing here.

Celanese Company Profile

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.