NORTHFIELD, Ill., Oct. 20, 2016 /PRNewswire/ -- Stepan Company
(NYSE:SCL) announced today that F. Quinn
Stepan, the Chairman of the Company, will retire from the
position of Chairman effective as of December 31, 2016. Mr. Stepan has served as
Chairman since 1984, and previously served as Chief Executive
Officer of the Company from November
1984 to December 2005. The Board of Directors
unanimously appointed F. Quinn Stepan,
Jr., the Company's President and CEO and a director, to
succeed Mr. Stepan as Chairman, effective upon his
retirement. Mr. Stepan will continue to serve as a member of
the Board of Directors. The Company also announced that
Edward J. Wehmer will serve as Lead
Independent Director, effective upon Mr. Stepan's retirement.
"My father's incredible passion for Stepan Company over the past
55 years has been instrumental to our Company's profitable growth
and expansion," said F. Quinn Stepan,
Jr., President and Chief Executive
Officer. "Working with Stepan employees throughout the
world to provide innovative solutions for customers and to build a
global manufacturing network to deliver them, my father generated
significant value for our shareholders. We are grateful for his
leadership and his contributions to our past and future
growth."
Corporate Profile
Stepan Company is a major manufacturer of specialty and
intermediate chemicals used in a broad range of industries. Stepan
is a leading merchant producer of surfactants, which are key
ingredients in consumer and industrial cleaning products. The
company is also a leading supplier of Polyurethane polyols used in
the expanding thermal insulation market, and C.A.S.E. (Coatings,
Adhesives, Sealants and Elastomers) industries.
Headquartered in Northfield,
Illinois, Stepan utilizes a network of modern production
facilities located in North and South
America, Europe and
Asia.
The common stock is traded on the New York Stock Exchange (NYSE)
under the symbol SCL. For more information about Stepan
Company please visit the Company online at www.stepan.com
Except for historical information, all other information in
this news release consists of forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. The
most significant of these uncertainties are described in Stepan
Company's Form 10-K, Form 8-K and Form 10-Q reports and exhibits to
those reports, and include (but are not limited to), risks related
to our foreign operations, foreign currency fluctuations, certain
global and regional economic conditions, costs related to expansion
or other capital projects, the probability of future acquisitions
and the uncertainties related to the integration of acquired
businesses, the effect of customer product reformulations or new
technologies, the loss of one or more key customer or supplier
relationships, the costs and other effects of governmental
regulation and legal and administrative proceedings, including the
expenditures necessary to address and resolve environmental claims
and proceedings, disruptions in production at manufacturing
facilities, volatility of raw material, natural gas and energy
costs, maintaining and protecting intellectual property rights,
interruption or breaches of information technology systems,
disruptions in transportation or significant changes in
transportation costs, our level of indebtedness and general
economic conditions. These forward-looking statements are made only
as of the date hereof, and Stepan
Company undertakes no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Scott D. Beamer
847-446-7500
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SOURCE Stepan Company