Bernard Rzepka to leave A. Schulman by mutual Agreement
Plastics compounder and distributor A. Schulman, Inc. (Acron, OH, United States), has announced yesterday, that President and CEO Bernard Rzepka will relinquish his officer and directorship role by mutal Agreement with the Board.
Effective immediately, Chairman Joseph M. Gingo has been named President and CEO, a role had already Held from 2008 to 2014. Gingo will lead a comprehensive review of the current business plan and its strategic execution, to address “the company’s less-than-optimal performance throughout fiscal 2016.”
Last week, A. Schulman had lowered it earnings guidance to US$ 1.90 to 1.95 per diluted share (down from US$ 2.40 to 2.45), quoting deteriorating market conditions facing the industry, particularly in the U.S. and Europe, the company’s largest regions. Adjusted EBITDA is now expected to be in the US$ 225 to 230 mn range rather than the US$ 245 to 250 mn communicated previously.
A. Schulman’s fiscal year ends on 31. August and 2016 earnings data are scheduled to be released after market closing on 26.10.2016.
Source: A. Schulman press release
HGE / DCG – 19.08.2016