Orion Engineered Carbons Announces CFO Transition, Appointment of Robert Hrivnak as Interim CFO

Rhea-AI Summary

Orion Engineered Carbons (NYSE: OEC) announced that Chief Financial Officer Lorin Crenshaw will leave for a leadership role at another company, remaining as an adviser until November 21, 2021. Bob Hrivnak has been appointed as Interim CFO, bringing over 30 years of financial leadership experience, including prior CFO roles. The company anticipates a smooth transition, having worked closely together for 18 months. Orion plans to release its Q3 2021 results after the market closes on November 4, 2021, followed by a conference call on November 5, 2021.

Positive

• Appointment of Bob Hrivnak as Interim CFO, who has over 30 years of experience and a proven track record.
• Anticipation of a smooth transition of duties, indicating stability within the finance organization.

Negative

• Departure of Lorin Crenshaw raises concerns about continuity within the executive financial leadership.

HOUSTON--(BUSINESS WIRE)-- Orion Engineered Carbons (NYSE: OEC), a leading global supplier of specialty and high-performance carbon black, announced today that Lorin Crenshaw has decided to leave his position as chief financial officer to accept a leadership role at another public company. He will remain with Orion as an adviser until November 21, 2021.

Bob Hrivnak – Interim Chief Financial Officer at Orion Engineered Carbons (Photo: Business Wire)

"We appreciate the contributions Lorin made to the company during his tenure,” CEO Corning Painter said. “He has provided strong strategic financial leadership and played an integral role on our leadership team for the past two years. We wish him well in his future endeavors."

The company also announced that Bob Hrivnak has been named Interim CFO effective immediately. Bob joined the company in 2020 as chief accounting officer with over 30 years of experience as a financial executive, including holding the position of chief financial officer. He has a proven track record leading corporate finance and accounting control functions for multiple public companies. Orion has initiated a search to permanently fill its CFO position.

“Lorin and Bob have worked together for the past 18 months to further strengthen our excellent finance organization. Consequently, we anticipate a smooth transition of duties over the coming weeks,” Painter said.

The company will release its third quarter 2021 results after the market closes on Thursday, November 4, 2021, to be followed by a conference call on Friday, November 5, 2021, at 8:30 a.m. (EST). Details for the call can be found on the company’s investor website.

About Orion Engineered Carbons

Orion Engineered Carbons (NYSE:OEC) is a global supplier of carbon black products including high-performance specialty gas blacks, acetylene blacks, furnace blacks, lamp blacks, thermal blacks, and other carbon blacks that tint, colorize and enhance the performance of polymers, plastics, paints and coatings, inks and toners, textile fibers, adhesives and sealants, batteries, tires, and mechanical rubber goods, such as automotive belts and hoses. The company has over 125 years of history providing customized solutions from a network of 14 global production sites and is dedicated to responsible business practices that emphasize reliability, innovation and sustainability. For more information, please visit orioncarbons.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements of future expectations that are based on current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. New risk factors and uncertainties emerge from time to time and it is not possible to predict all risk factors and uncertainties, nor can we assess the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information, other than as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027006009/en/

Wendy Wilson

Orion Engineered Carbons

Head of Investor Relations

+1 281-974-0155

Investor-relations@orioncarbons.com

William Foreman

Orion Engineered Carbons

Director of Corporate Communications

+1 281-889-7833

William.foreman@orioncarbons.com

Source: Orion Engineered Carbons

FAQ

What is the reason for Lorin Crenshaw's departure from Orion Engineered Carbons?

Lorin Crenshaw is leaving to accept a leadership position at another public company.

Who is Bob Hrivnak and what is his role at Orion Engineered Carbons?

Bob Hrivnak has been appointed as Interim CFO, previously serving as Chief Accounting Officer.

What is the timeline for the transition in Orion Engineered Carbons' financial leadership?

Bob Hrivnak's appointment as Interim CFO is effective immediately, and a permanent CFO search is underway.

When will Orion Engineered Carbons release its Q3 2021 results?

Orion Engineered Carbons will release its Q3 2021 results after the market closes on November 4, 2021.

What is the impact of the management change on Orion Engineered Carbons' stock?

The departure of the CFO may raise concerns about continuity in financial leadership, potentially affecting investor sentiment.