|View printer-friendly version|
|Lubrizol Announces Planned Management Transition|
Lubrizol Announces Planned Management Transition
CLEVELAND, June 1, 2016 - The Lubrizol Corporation announces today that Eric R. Schnur, currently executive vice president and chief operating officer, has been named president, effective immediately, and will become chairman and chief executive officer on January 2, 2017. James L. Hambrick, the current chairman, president and chief executive officer, having fulfilled his commitment to remain in those roles for five years following Berkshire Hathaway's acquisition of Lubrizol in 2011, has decided to complete his 38-year Lubrizol career. This transition reflects the company's long standing succession planning process. In addition, Greg D. Taylor, senior vice president of corporate strategy and development, will retire later this year.
"It has been a privilege to serve this great company for the past 38 years, and especially to work with our highly talented management team in the successful transformation of Lubrizol over the past 14 years. I now look forward to pursuing my other interests beyond Lubrizol, knowing that I am leaving the company in capable hands," says Hambrick. "Eric has been an essential member of our leadership team for many years. He is an experienced and visionary leader with the necessary strategic, operational and financial acumen required to direct Lubrizol in the next phase of its growth and evolution. In 27 years with the company, Eric has achieved a track record of strong performance and a broad range of accomplishments in our Lubrizol Additives and Lubrizol Advanced Materials business segments. Just as important, he embodies and supports Lubrizol's corporate philosophy and core values, including honesty and integrity, technical innovation, commitment to employees, excellent customer service, and safety and responsibility. All of these qualities make Eric uniquely qualified to become the company's next president and chief executive."
During the last 14 years, Hambrick has led the transformation of Lubrizol from a $2 billion lubricant additives company to a $7 billion leading specialty chemical company. He expanded the company's portfolio through numerous strategic acquisitions, the most significant being Noveon International, Inc. in 2004. Hambrick also effectively strengthened the company's financial position, enabling it to pursue its growth objectives and reinvest in the business to better serve its global customers. Lubrizol's 2011 acquisition by Berkshire Hathaway was viewed as further validation of the company's strength and financial performance.
Schnur states, "I am honored by the opportunity to lead such a special company, and I thank James for his confidence in me. James has made significant contributions to the transformation of the company during his CEO tenure and I look forward to building upon this strong foundation, continuing to execute on our strategy and enhancing Lubrizol's ability to deliver value to our customers in the markets in which we participate."
Schnur joined Lubrizol in 1989 as a development engineer in the R&D division. He has held a variety of positions across numerous product lines in the Lubrizol Additives and Lubrizol Advanced Materials business segments, including technical and commercial roles, and vice president and general manager. Schnur also has worked at several company facilities, including the Lubrizol Additives site in Singapore, where he led Engine Oils marketing and technical services for Southeast Asia and Australia. He earned his Bachelor of Science degree in chemical engineering from Pennsylvania State University in 1989 and his MBA from Case Western Reserve University in 1994.
Taylor is successfully concluding a 36-year career with Lubrizol that spanned a wide range of financial, planning and business development roles. He has directed corporate planning since 2003 and was named to his current position in March 2007.
Hambrick comments, "Greg has been instrumental in progressing Lubrizol's strategy to strengthen the enterprise and enhance its product portfolio through acquisitions. As such, Greg has provided countless hours of strategic guidance to our businesses. He has been a real asset to the company and we wish him well in his retirement."
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven global company that combines complex, specialty chemicals to optimize the quality, performance and value of customers' products while reducing their environmental impact. It produces and supplies technologies to customers in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, driveline and other transportation-related fluids, industrial lubricants, as well as additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for home care and personal care products and specialty materials encompassing polymer and coatings technologies, along with polymer-based pharmaceutical and medical device solutions. Our products for the oilfield market include technologies for exploration, production and transportation.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 9,000 employees worldwide. Revenues for 2015 were $7 billion. For more information, visit Lubrizol.com.