CLAYTON,
Mo., Feb. 19, 2024 /PRNewswire/ -- Olin
Corporation (NYSE: OLN) today announced the Board of Directors
has appointed Kenneth Lane as
President and Chief Executive Officer and Director of Olin
Corporation effective March 18, 2024.
Scott Sutton will step down as
President, Chief Executive Officer and Director effective the same
day and will work with Mr. Lane to facilitate a smooth transition
of leadership responsibilities.
Olin also announced Mr. Sutton stepped down as Executive
Chairman of the Board of Directors, and William Weideman was appointed Chairman,
effective February 16, 2024.
Mr. Lane comes to Olin from LyondellBasell, a NYSE traded
company, one of the world's largest plastics, chemicals, and
refining companies, where he served as Executive Vice President of
Global Olefins and Polyolefins. Prior to joining LyondellBasell in
2019, Mr. Lane was with BASF for 13 years where he held senior
executive leadership positions across a diverse array of businesses
including Polyurethanes, Monomers and Catalysts. Prior to joining
BASF, he served in a variety of operations, strategy and commercial
positions at BP Chemicals as well as various technical and
operations roles at Amoco Chemical Corporation. Mr. Lane has
extensive international experience having worked in the United States, Malaysia, the United
Kingdom, China and
Belgium.
Mr. Lane holds a Bachelor of Science in civil engineering
from Clemson University and a Master of Science in management
from the University of Alabama
Huntsville.
"Ken is a performance-driven leader with more than 30 years of
experience leading a wide variety of both commodity and specialty
chemicals businesses and has a proven track record of delivering
both strong results and growth. The Board is delighted to have Ken
join the Olin team and we look forward to working together to
continue to drive the Company's strategy while maintaining our
disciplined capital allocation approach focused on creating
shareholder value," said William Weideman, Chairman of the
Board of Directors.
"I am honored and excited to lead Olin Corporation and build on
its strong foundation. Olin has tremendous potential for the
future, and I look forward to leveraging the Company's industry
leading positions, strong manufacturing base, steady cash
generative operating model and exceptional talent to drive growth
and higher shareholder value," said Mr. Lane.
OLIN COMPANY DESCRIPTION
Olin Corporation is a leading vertically integrated global
manufacturer and distributor of chemical products and a leading
U.S. manufacturer of ammunition. The chemical products produced
include chlorine and caustic soda, vinyls, epoxies, chlorinated
organics, bleach, hydrogen, and hydrochloric acid. Winchester's
principal manufacturing facilities produce and distribute sporting
ammunition, law enforcement ammunition, reloading components, small
caliber military ammunition and components, and industrial
cartridges.
Visit www.olin.com for more information on Olin.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. These
statements relate to analyses and other information that are based
on management's beliefs, certain assumptions made by management,
forecasts of future results, and current expectations, estimates
and projections about the markets and economy in which we and our
various segments operate. The statements contained in this
communication that are not statements of historical fact may
include forward-looking statements that involve a number of risks
and uncertainties.
We have used the words "anticipate," "intend," "may," "expect,"
"believe," "should," "plan," "outlook," "project," "estimate,"
"forecast," "optimistic," "target," and variations of such words
and similar expressions in this communication to identify such
forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding the Company's
intent to repurchase, from time to time, the Company's common
stock. These statements are not guarantees of future performance
and involve certain risks, uncertainties, and assumptions, which
are difficult to predict and many of which are beyond our control.
Therefore, actual outcomes and results may differ materially from
those matters expressed or implied in such forward-looking
statements. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of future events,
new information or otherwise. The payment of cash dividends is
subject to the discretion of our board of directors and will be
determined in light of then-current conditions, including our
earnings, our operations, our financial conditions, our capital
requirements and other factors deemed relevant by our board of
directors. In the future, our board of directors may change our
dividend policy, including the frequency or amount of any dividend,
in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our
forward-looking statements, many of which are discussed in more
detail in our filings with the SEC, including without limitation
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended December 31, 2022, and
our Quarterly Reports on Form 10-Q and other reports furnished or
filed with the SEC, include, but are not limited to, the
following:
Business, Industry and Operational Risks
- sensitivity to economic, business and market conditions in
the United States and overseas,
including economic instability or a downturn in the sectors served
by us;
- declines in average selling prices for our products and the
supply/demand balance for our products, including the impact of
excess industry capacity or an imbalance in demand for our chlor
alkali products;
- unsuccessful execution of our strategic operating model, which
prioritizes Electrochemical Unit (ECU) margins over sales
volumes;
- failure to control costs and inflation impacts or failure to
achieve targeted cost reductions;
- our reliance on a limited number of suppliers for specified
feedstock and services and our reliance on third-party
transportation;
- the occurrence of unexpected manufacturing interruptions and
outages, including those occurring as a result of labor
disruptions, production hazards and weather-related events;
- availability of and/or higher-than-expected costs of raw
material, energy, transportation, and/or logistics;
- the failure or an interruption of our information technology
systems;
- failure to identify, attract, develop, retain and motivate
qualified employees throughout the organization and ability to
manage executive officer and other key senior management
transitions;
- our inability to complete future acquisitions or joint venture
transactions or successfully integrate them into our business;
- risks associated with our international sales and operations,
including economic, political or regulatory changes;
- the negative impact from a public health crisis, such as a
pandemic, epidemic or outbreak of infectious disease, including the
COVID-19 pandemic and the global response to the pandemic,
including without limitation adverse impacts in complying with
governmental mandates;
- our indebtedness and debt service obligations;
- weak industry conditions affecting our ability to comply with
the financial maintenance covenants in our senior credit
facility;
- adverse conditions in the credit and capital markets, limiting
or preventing our ability to borrow or raise capital;
- the effects of any declines in global equity markets on asset
values and any declines in interest rates or other significant
assumptions used to value the liabilities in, and funding of, our
pension plans;
- our long-range plan assumptions not being realized causing a
non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
- changes in, or failure to comply with, legislation or
government regulations or policies, including changes regarding our
ability to manufacture or use certain products and changes within
the international markets in which we operate;
- new regulations or public policy changes regarding the
transportation of hazardous chemicals and the security of chemical
manufacturing facilities;
- unexpected outcomes from legal or regulatory claims and
proceedings;
- costs and other expenditures in excess of those projected for
environmental investigation and remediation or other legal
proceedings;
- various risks associated with our Lake City U.S. Army
Ammunition Plant contract and performance under other governmental
contracts; and
- failure to effectively manage environmental, social and
governance (ESG) issues and related regulations, including climate
change and sustainability.
All of our forward-looking statements should be considered in
light of these factors. In addition, other risks and uncertainties
not presently known to us or that we consider immaterial could
affect the accuracy of our forward-looking statements.
2024-03
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SOURCE OLIN CORPORATION
