Ascend Performance Materials announced that company president and chief operating officer Phil McDivitt has assumed the title of president, chief executive officer and member of the board of directors. Ascend's former CEO Frederic M. (Fred) Poses will retire and step down from the Board of Directors.
"Phil joined Ascend two years ago as president of our nylon division. Since joining, he has made important contributions to building a stronger team and culture, improving financial and operating disciplines and creating a more dynamic commercial organization. As envisioned by the board at the time of his hiring, Phil has demonstrated his readiness to transition to CEO," said Barry Siadat, chairman of Ascend.
McDivitt joined Ascend in April 2015 and was named president and chief operating officer last year. Since joining the company, he has greatly enhanced the company's leadership position in the performance materials industry through the development of a multiyear growth strategy, an increased focus on reliability to better position Ascend as a key supplier across the nylon 66 value chain and the acceleration of new product and process technologies to support customer growth.
"Nylon 66 is our business, and that focus is how we've grown to be the industry leader," McDivitt said. "Our advancements in technology, processes and materials development mean that our customers can count on us to deliver innovative solutions."
Siadat also acknowledged Poses for his long history of leadership in the materials and manufacturing industries. "As we make this transition, I want to recognize Fred Poses for a career marked with excellence in leadership, operations and people management," Siadat said. "Fred's efforts have positioned Ascend to be the leader it is today, and we would not be in such a strong position without him."
Ascend board member G. Peter (Pete) D'Aloia also will retire from Ascend's Board of Directors. D'Aloia served as a member of the board of directors and in various financial leadership roles within the company, including chief financial officer. D'Aloia's leadership and contributions helped drive Ascend's strong financial growth and performance.
About Ascend Performance Materials
Ascend Performance Materials is a global premium provider of high-quality chemicals, fibers and plastics. Ascend is one of the world's largest integrated PA66 producers, with its own in-house manufacturing facilities, ensuring total security of supply. Ascend's product range has earned it an unequalled reputation for quality, innovative techniques and an enlightened approach to business that expands the horizons of possibility. With eight global locations and more than 3,200 people working at our sites around the world, Ascend has the inspiration, the expertise, the people and the attitude toward innovation to consistently deliver the right solution for customers.
Together, we're making a difference.
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More information about Ascend can be found at www.ascendmaterials.com
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors. The firm's purpose is to build strong and growing businesses that create substantial long-term economic value. SK utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK Capital's portfolio companies generate revenues of approximately $8 billion annually and employ approximately 9,000 people. The firm currently manages more than $1.5 billion of committed capital. For more information, please visit www.skcapitalpartners.com
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