Westlake Chemical Partners Implements Succession Plan

Rhea-AI Summary

Westlake Chemical Partners GP , the general partner of Westlake Chemical Partners LP (NYSE: WLKP), has announced a significant leadership change. Jean-Marc Gilson, former President and CEO of Mitsubishi Chemical Group , has been appointed as the new President, CEO, and Board member of Westlake Chemical Partners GP

This succession plan involves Albert Chao transitioning to Executive Chairman of the Board, while James Chao becomes Senior Chairman of the Board. These appointments are effective immediately. The change is part of a carefully planned succession strategy aimed at positioning Westlake Chemical Partners for future growth and continued long-term value creation.

Positive

• Appointment of experienced industry executive Jean-Marc Gilson as new President and CEO
• Continuation of family leadership with Albert Chao and James Chao remaining in executive roles
• Implementation of a thoughtful succession plan for future growth

Negative

• None.

Jean-Marc Gilson, Experienced Chemicals Industry Executive, Appointed Director, President and CEO

Albert Chao and James Chao to Remain Actively Engaged as Executive Chairman and Senior Chairman of the Board, Respectively

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (NYSE: WLKP), today announced that Jean-Marc Gilson, who most recently served as President and Chief Executive Officer of Mitsubishi Chemical Group Corporation, has been appointed to serve as President and Chief Executive Officer and to the Board of Directors of Westlake Chemical Partners GP LLC (the “Board”). Jean-Marc Gilson succeeds Albert Chao who will transition to become Executive Chairman of the Board and James Chao, the current Chairman of the Board, will become Senior Chairman of the Board. These appointments take effect today.

Jean-Marc Gilson, named President and Chief Executive Officer of Westlake Corporation (Photo: Business Wire)

James Chao said, “This announcement is the culmination of a thoughtful succession planning process to position Westlake Chemical Partners for the future. We are incredibly proud of the company and culture we have built and believe Jean-Marc will fit in seamlessly as we continue to execute our successful strategy and family culture of long-term value creation to begin Westlake Chemical Partners’ next chapter.”

In connection with today’s announcement, Jean-Marc Gilson will also become President and CEO of Westlake Corporation (NYSE: WLK).

About Jean-Marc Gilson:

A seasoned leader in the chemical industry with a proven ability to deliver sustained financial performance, Jean-Marc Gilson, 60, most recently served as President and CEO of Mitsubishi Chemical Group Corporation, an international chemical company based in Japan with more than $30 billion in revenue.

From 2014 to 2020, Jean-Marc Gilson served as Chief Executive Officer of Roquette, a family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. Before that, Mr. Gilson served as Vice-Chairman and Chief Operating Officer of NuSil Technology, a U.S.-based global manufacturer of medical- and space-grade silicone technology. Earlier in his career, Mr. Gilson held various leadership roles at Dow Corning, including Executive Vice President, Specialty Chemicals Business, before becoming CEO of Avantor Performance Materials.

Jean-Marc Gilson holds a Master of Science in Chemical Engineering from the University of Liège in Belgium and a Master of Business Administration from the International Institute for Management Development in Switzerland.

About Westlake Chemical Partners:

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240715110738/en/

Media Relations – L. Ben Ederington – 713.960.9111

Investor Relations – Steve Bender – 713.960.9111

Source: Westlake Chemical Partners

FAQ

Who is the new President and CEO of Westlake Chemical Partners LP (WLKP)?

Jean-Marc Gilson, former President and CEO of Mitsubishi Chemical Group , has been appointed as the new President and CEO of Westlake Chemical Partners LP (WLKP).

What changes have been made to the Board of Directors at Westlake Chemical Partners LP (WLKP)?

Jean-Marc Gilson has been appointed to the Board of Directors, Albert Chao has transitioned to Executive Chairman of the Board, and James Chao has become Senior Chairman of the Board at Westlake Chemical Partners LP (WLKP).

When did the leadership changes at Westlake Chemical Partners LP (WLKP) take effect?

The leadership changes at Westlake Chemical Partners LP (WLKP), including the appointment of Jean-Marc Gilson as President and CEO, took effect immediately as of the announcement date.

What is the stock symbol for Westlake Chemical Partners LP?

The stock symbol for Westlake Chemical Partners LP is WLKP, and it is listed on the New York Stock Exchange (NYSE).