Westlake Corporation (NYSE: WLK) (the “Company” or “Westlake”) announced today the appointment of Jean-Marc Gilson as President and Chief Executive Officer. Jean-Marc Gilson, formerly President and CEO of Mitsubishi Chemical Group Corporation, will succeed Albert Chao, who will transition to the role of Executive Chairman of the Westlake Board of Directors. James Chao, the current Chairman of the Board, will assume the position of Senior Chairman. These changes are effective immediately.
“I am excited to welcome Jean-Marc as the newest addition to Westlake’s management team. Westlake is in a very strong position supported by a world-class team, and, having served as the CEO of Westlake for the last 20 years, now is the right time to implement our succession plan,” said Albert Chao. “Jean-Marc brings 25 years of proven executive experience in the chemicals industry in the United States, Europe, and Asia, during which he has led international companies and delivered impressive results. We are confident that Jean-Marc is the right leader to help us build on our track record of delivering market-leading results, disciplined growth, and sustained shareholder value creation.”
James Chao stated, “This announcement is the culmination of a thoughtful succession planning process by our Board to position Westlake 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’s next chapter.”
“I am honored and humbled to become the second, and first non-family, CEO of Westlake,” said Jean-Marc Gilson. “I have long admired Westlake as a best-in-class company at the forefront of delivering life-enhancing products through innovation in essential materials and building products. I look forward to working with Albert, James, and the entire management team and Board to advance the good work underway as we deliver on our mission to responsibly serve our customers and return enhanced value to our shareholders.”
Additionally, Jean-Marc Gilson will assume the roles of President, CEO, and director of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (NYSE: WLKP). Albert Chao will become Executive Chairman, and James Chao will become Senior Chairman of the Westlake Chemical Partners GP LLC Board of Directors.
