Scott Sutton Elected to Celanese Board of Directors

Rhea-AI Summary

Celanese (NYSE: CE) has announced the election of Scott Sutton to its Board of Directors, effective March 1, 2025. The company has also established a new Finance and Business Review Committee, which will be co-chaired by Sutton and CEO Scott Richardson.

Sutton, 60, brings nearly 35 years of chemicals industry experience, most recently serving as President, CEO, and Chairman of Olin He previously served as Celanese's Chief Operating Officer from 2017 to 2019, where he oversaw the company's Engineered Materials and Acetyl Chain businesses.

The new committee will focus on overseeing the company's financial position and strategy, including cost reduction, cash flow prioritization, deleveraging efforts, and portfolio evaluation. Celanese reported net sales of $10.9 billion in 2023 and employs more than 12,000 people worldwide.

Positive

• Appointment of experienced industry veteran with proven track record of shareholder value creation
• Formation of dedicated Finance and Business Review Committee to improve financial oversight
• Strategic focus on cost reduction and deleveraging initiatives
• Strong 2023 performance with $10.9 billion in net sales

Negative

• Company indicates need for strategic transformation and business improvement
• Explicit mention of need to address cost structure and debt levels

Board Establishes Finance and Business Review Committee to Assist with Oversight of the Company’s Financial Position and Business Improvement Initiatives

DALLAS--(BUSINESS WIRE)-- Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced the election of Scott Sutton to the company’s Board of Directors. Mr. Sutton, 60, will join the Celanese Board effective March 1, 2025, and stand for re-election at the 2025 Annual Meeting of Shareholders. In addition, the Board has established a Finance and Business Review Committee, to assist with oversight of the company’s financial position and strategy, including its efforts to further reduce costs, prioritize cash flow, accelerate deleveraging, and evaluate its portfolio of assets and business configuration. Mr. Sutton and Scott Richardson, Chief Executive Officer and President, Celanese Corporation, will co-chair the Finance and Business Review Committee.

Mr. Sutton is a proven leader with nearly 35 years of experience in the chemicals industry, most recently as the former President, Chief Executive Officer and Chairman of Olin Corporation. While CEO of Olin, Mr. Sutton led a strategic transformation that created substantial value for Olin’s shareholders despite macroeconomic headwinds. Prior to that, Mr. Sutton served as President and Chief Executive Officer of Prince International Corporation and as Chief Operating Officer of Celanese from 2017 until 2019. As COO, Mr. Sutton oversaw Celanese’s leading global Engineered Materials (EM) and Acetyl Chain (AC) businesses as well as manufacturing, supply chain, procurement, M&A and R&D operations across all regions. Earlier in his career, Mr. Sutton held senior positions with Chemtura Corporation and Albemarle Corporation. Mr. Sutton holds a B.S. degree in Engineering from Louisiana State University.

“We are delighted to welcome Scott to the Celanese Board,” said Edward Galante, Chair of the Board, Celanese Corporation. “Scott’s operational expertise, experience driving strategic transformation and exceptional record of shareholder value creation make him an ideal addition to the Board as we oversee the execution of the Company’s strategy to drive improved growth, profitability, and value for our shareholders.”

“Scott is a highly respected leader in our industry and a valued former colleague who will be another strong asset to our Board and a trusted advisor to me,” said Mr. Richardson. “I am grateful to have Scott join our Board as we take bold action to realize Celanese’s potential and reestablish our industry leadership.”

“It is an honor to join the Celanese Board, and I am excited to engage with Celanese leadership and fellow Board members to position the company for success,” said Mr. Sutton. “I know Celanese to be a great company and I am confident Scott is the right leader to unlock its tremendous potential. I am glad to be a part of the Board at this important time to support Celanese and drive improved performance and shareholder value.”

About Celanese

Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese is a Fortune 500 company that employs more than 12,000 employees worldwide with 2023 net sales of $10.9 billion.

Forward-Looking Statements

This release may contain “forward-looking statements,” which include information concerning the Company’s current beliefs, understanding and expectations regarding the Company's plans, objectives, goals, strategies, financial performance and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained herein. Numerous factors, many of which are beyond the company’s control, could cause actual results to differ materially from those expressed as forward-looking statements, including those factors addressed in the Company’s November 4, 2024 earnings press release furnished as Exhibit 99.1 to the Company’s Items 2.02 and 9.01 Form 8-K dated November 4, 2024 and those factors discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date the statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250213744142/en/

Celanese Contacts:

Investor Relations

Bill Cunningham

Phone: +1 302 999 6410

william.cunningham@celanese.com

Media - U.S.

Jamaison Schuler

Phone: +1 972 443 4400

media@celanese.com

Media - Europe

Petra Czugler

Phone: +49 69 45009 1206

petra.czugler@celanese.com

Source: Celanese Corporation

FAQ

When will Scott Sutton join Celanese's (CE) Board of Directors?

Scott Sutton will join Celanese's Board of Directors effective March 1, 2025.

What is the purpose of Celanese's new Finance and Business Review Committee?

The committee will oversee the company's financial position and strategy, focusing on cost reduction, cash flow prioritization, deleveraging, and portfolio evaluation.

What was Scott Sutton's previous role at Celanese (CE)?

Sutton previously served as Celanese's Chief Operating Officer from 2017 to 2019, overseeing the Engineered Materials and Acetyl Chain businesses.

What were Celanese's (CE) net sales in 2023?

Celanese reported net sales of $10.9 billion in 2023.

Who will co-chair Celanese's new Finance and Business Review Committee?

The committee will be co-chaired by Scott Sutton and CEO Scott Richardson.