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Cytec Board Announces Chairman
and CEO David Lilley’s Intent to Retire on December 31st,
2008
Board Elects Shane Fleming Chairman and Chief Executive Officer
Effective January 1st, 2009.
West Paterson, New Jersey, October 16, 2008 - The Board of
Directors of Cytec Industries Inc. (NYSE:CYT) announced today
that Chairman and Chief Executive Officer, David Lilley’s
decision to retire effective December 31st, 2008. The Board of
Directors has elected Shane Fleming to succeed Mr. Lilley as
Chairman of the Board and Chief Executive Officer effective
January 1st, 2009. After January 1st and until the annual
stockholders meeting in April 2009, Mr. Lilley will remain on
the Board as a non-executive Director and will continue to work
with the Board, Mr. Fleming and the Cytec executive team to
ensure a smooth transition of leadership.
Mr. Fleming joined the Cytec predecessor company in 1983 in the
Mining Chemicals group, and over the years has taken positions
of increasing responsibility in the USA, Australia, and in the
Asia Pacific region. In 2003, Shane took global responsibility
for Cytec’s specialty chemicals business and then in 2005,
following the acquisition of the UCB chemicals business, he
relocated to Brussels to assume full responsibility for the
combined specialty chemical operations. He was appointed
President and Chief Operating Officer in July of this year.
Chris Davis Cytec, Lead Director, commented: “The Board looks
forward to working with Shane when he takes up his new
responsibilities as Chairman and CEO in January 2009. During his
many years with Cytec, most recently as President and Chief
Operating Officer, Shane has proven to be a focused, decisive
leader who we believe is well positioned to lead Cytec into the
future.”
Ms. Davis added: “David has been an excellent leader of Cytec
over the past ten years in developing and implementing the
company’s global growth strategies including the successful
integration of several important acquisitions and the timely
divestiture of certain non-strategic assets. In addition, his
focus on integrity, communications and the training and
development of the company’s leadership team have positioned
Cytec for continued success going forward. David will certainly
be missed.”
Mr. Lilley became Chairman and Chief Executive Officer of Cytec
in January 1999 after serving as President from January 1997.
Under Mr. Lilley’s leadership, Cytec Industries grew from $1.3
Billion to $3.5 Billion in total sales and nearly doubled its
net after tax earnings. In addition, the company expanded its
global presence through successful acquisitions of Fiberite and
UCB Surface Specialties and a rationalization of the business
portfolio to focus on higher growth and margin product lines.
David Lilley remarked, “I have every confidence that Shane and
the whole Cytec team will remain dedicated to improving Cytec
and rewarding our shareholders. Shane has demonstrated exemplary
leadership skills and is well equipped to lead Cytec in today’s
difficult economic conditions through a dedicated focus on
innovation and productivity. I believe that Cytec has the plans,
the products and above all the highly motivated and capable
people to take Cytec to the next level of performance.
Mr. Lilley continued, “It has been my privilege to serve Cytec
over the last ten years, and I greatly appreciate the tremendous
support I have received from all my colleagues in the company.
We have improved our global competitiveness and positioned
ourselves well for improved profitability despite the existing
difficult economic challenges. I am also pleased that even as we
changed Cytec’s business portfolio, we remained true to our
Values of putting Safety first and always operating to the
highest ethical standards.”
Corporate Profile
Cytec Industries Inc. is a global specialty chemicals and
materials company focused on developing, manufacturing and
selling value-added products. Our products serve a diverse range
of end markets including aerospace, adhesives, automotive and
industrial coatings, chemical intermediates, inks, mining and
plastics. We use our technology and application development
expertise to create chemical and material solutions that are
formulated to perform specific and important functions in the
finished products of our customers.
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