BOSTON (March 12)—Samuel W. Bodman is retiring as chairman and CEO of Cabot Corp., the world´s largest producer of carbon black. Kennett F. Burnes, president and chief operating officer, will assume CEO duties in addition to his current post. Bodman, 62, will retire as chairman in May, Cabot said, without commenting on Bodman´s reasons for retiring or on a possible successor. Burnes, 57, has been with Cabot since 1987, starting as general counsel, and was named to his current posts in 1994. In connection with Bodman´s retirement, Cabot said it will incur a charge to earnings in the second quarter of about $15 million to $16 million, including a cash pay-out of nearly $5 million representing the purchase of a retirement annuity. The balance is a non-cash charge connected with the early vesting of restricted stock previously awarded under Cabot´s long-term incentive plan.
Cabot CEO to retire
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