Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Clariant's leadership reshuffle continues as CFO jumps ship to Maersk

Published 12/02/2020, 06:43
Updated 12/02/2020, 06:44
© Reuters.  Clariant's leadership reshuffle continues as CFO jumps ship to Maersk

© Reuters. Clariant's leadership reshuffle continues as CFO jumps ship to Maersk

ZURICH (Reuters) - Clariant (S:CLN) Chief Financial Officer Patrick Jany is exiting for a post at Maersk (CO:MAERSKb), the world's biggest shipping company, marking the latest management change at the Swiss speciality chemicals maker after its CEO jumped ship last year.

Jany is being replaced by Stephan Lynen, a 49-year-old who currently heads the Muttenz-based chemicals maker's additives business unit after joining Clariant in 1998 as an internal auditor.

Jany is leaving for the CFO job at Maersk, whose $39 billion in annual revenue will be nearly 10 times that of Clariant after the Swiss company completes a shrinking exercise following the disposal of units that account for a third of its sales.

Lynen arrives as the Swiss company is still trying to find a CEO in the wake of the sudden departure of Ernesto Occhiello amid the collapse of a planned joint venture with Clariant's biggest shareholder, Saudi Basic Industries (SE:2010).

"We very much regret Patrick Jany's decision to leave Clariant," said Chairman Hariolf Kottmann, who is filling the CEO role on an interim basis. "Patrick Jany has been with our company for 25 years and has played a major role in our success story."

Kottman said Lynen's 22-year career at Clariant gave him the "perfect profile" to replace Jany.

Maersk has also seen turmoil at the top, with the departure of its CFO last November to join General Electric (N:GE), just after the shipper's chief operating officer exited to join Swiss headquartered rival Mediterranean Shipping Co.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.