Omnova names new chairman, CEO

BEACHWOOD, Ohio—Kevin McMullen will step down as chairman, CEO and president of Omnova Solutions Inc. effective Dec. 1.

The company will split the roles of chairman and CEO/president with both appointments also effective Dec. 1. Anne Noonan will become Omnova's new president/CEO, and will assume McMullen's seat on the board, while William Seelback will become Omnova's independent, non-executive chairman.

The firm said McMullen is leaving to “pursue other interests” after serving as Omnova's top executive for more than 16 years.

“Kevin is a high-integrity leader with strong strategic and business acumen. We are thankful for Kevin's many years of leadership and his dedicated service to Omnova, both as CEO and as chairman,” Michael Merriman, presiding director of the Omnova board, said in a statement.

“He has consistently been aggressive in assessing the market and competitive environment, and taking the necessary actions to make the company better. He leaves an organization with a well-designed growth strategy and strong leadership team in place.

“On behalf of the entire Omnova board and the company, I want to express our gratitude for a job well done and wish Kevin only the best. He will be missed.”

McMullen joined Omnova in 1996 as president of its Decorative and Building Products unit. Prior to his time with Omnova, he worked for GE and McKinsey & Co. Omnova said McMullen's initiatives have ensured the firm's prominence and profitability despite many market-based challenges. He helped expand the company's global footprint, now selling its products in more than 90 countries with manufacturing and technology centers on three continents.

However his tenure included a challenge from activist investor James Mitarotonda, president and CEO of Barington Capital Group L.P., who wrote to Omnova in December 2015 criticizing the firm's performance during McMullen's tenure as CEO. One of many proposals in the letter was for Omnova to separate the chairman/CEO role from McMullen and bring in an independent chairman.

The parties reached a settlement prior to the 2015 annual shareholders meeting that resulted in Mitarotonda, Joseph Gingo—the recently re-appointed CEO of A. Schulman Inc.—and Janet Giesselman receiving seats on the board. Mitarotonda and Gingo's terms expire in 2017 while Giesselman has a seat until 2018.

A company spokeswoman said via email that most public companies have “already or are considering this separation.” The firm saw McMullen's departure as a chance to also make the change.

“I feel really good about where Omnova is today as a company,” McMullen said in a statement. “Our specialty businesses are poised for above-market growth, our balance sheet has improved significantly and we just completed a far-reaching strategic planning process that highlighted many exciting long-term opportunities.

“We have a strong and committed team, I will truly miss the people. But I'm relatively young and I want to pursue other interests. I think now is the time to pursue them.”

Noonan is currently president of Omnova's Performance Chemicals business. The firm said under her leadership, the segment has significantly improved financial results through aggressive implementation of a manufacturing footprint alignment and business model restructuring, delivering cost reductions in excess of $10 million per year.

She brings nearly 30 years of experience in the chemicals industry. Prior to joining Omnova in 2014, she served as senior vice president and president of Chemtura Corp.'s Industrial Engineered Products business segment with more than $1 billion in revenues. She spent 27 years with Chemtura and its predecessor, Great Lakes Chemical Corp., in roles of increasing responsibility.

“I am excited to have the opportunity to lead Omnova and look forward to working with this dedicated, talented team to position the company as a premier global, innovative specialty solutions provider,” Noonan said in a statement. “Kevin has provided a solid foundation to build upon, developing and leading an organization that is committed to its customers, employees, communities and shareholders.”

Seelbach has been a non-executive member of the board since 2002 and is a senior advisor with the Riverside Co., one of the world's largest private equity firms, and senior managing director of Headwaters SC, a consulting firm for privately owned businesses. Prior to those roles, he was president and CEO of the Ohio Aerospace Institute, a technology-focused research organization, from 2003 to 2006; and president of Brush Engineered Materials Inc. (now Materion Corp.), a manufacturer of high performance engineered materials.

Headquartered in Beachwood, Omnova produces emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses.