STAMFORD, Conn., Dec. 27, 2020 /PRNewswire/ -- Tronox Holdings plc
(NYSE:TROX) ("Tronox" or the "Company"), the world's leading
integrated manufacturer of titanium dioxide pigment, today
announced that its Board of Directors (the "Board") appointed
John D. Romano, Executive Vice
President, Chief Commercial and Strategy Officer, and Jean-François
Turgeon, Executive Vice President and Chief Operating Officer, as
co-Chief Executive Officers on an interim basis, effective
immediately. In addition, Ilan
Kaufthal, Lead Independent Director, has been elected
Chairman of the Board on an interim basis, effective
immediately.
Chairman and Chief Executive Officer Jeffry N. Quinn will take a leave of absence,
effective immediately. On December 24,
2020, Mr. Quinn alerted the Board that he had been
referenced as an unnamed individual in a Securities and Exchange
Commission civil complaint and related criminal complaint regarding
alleged insider trading by the defendant named in the complaints in
the shares of Ferro Corporation in February and March of
2016. Mr. Quinn served as a director of Ferro Corporation
from May 2013 through August 2016. Mr. Quinn has been a director
of Tronox since 2011, was appointed President and Chief Executive
Officer in December 2017 and was
appointed Chairman of the Board in March
2019. Neither Tronox nor Tronox's shares are
referenced in the complaints.
Mr. Kaufthal commented, "As we closely monitor developments with
respect to the complaints, the Board has determined that Mr.
Quinn's leave of absence and the appointment of John D. Romano and Jean-François Turgeon as
co-CEOs on an interim basis are in the best interests of Tronox and
its stakeholders."
Mr. Kaufthal continued, "The Board's focus on maintaining a
robust governance and succession planning process enabled our swift
response to ensure the Company continues to execute on its
long-term strategic plan. Mr. Romano and Mr. Turgeon
collaborated successfully in leading the Company through Tronox's
transformation, including the Cristal integration and the
challenges presented by the pandemic. With over six decades
of combined leadership and operational experience in both the
pigment and mining industries, including many years at Tronox, Mr.
Romano and Mr. Turgeon have strong records of delivering results
and appreciation for our culture. We are confident that
together, supported by a deep bench of talented senior management,
we will continue to build on the significant momentum Tronox is
currently experiencing in the market."
Mr. Romano commented, "Over the last year, Tronox has
demonstrated resiliency in meeting ongoing challenges. We
remain confident that our vertical integration strategy will
continue to provide a competitive advantage, allowing Tronox to
best serve our global customer base during this pivotal time in the
TiO2 industry as we close out a strong fourth
quarter. Jean-François and I appreciate the Board's
confidence as we work closely to ensure a seamless transition for
all our stakeholders."
Mr. Turgeon added, "As we continue to operate our business with
a high level of excellence, we remain focused on meeting the needs
of our customers and driving financial results. We have
demonstrated our unwavering commitment to delivering safe, quality,
low-cost, sustainable tons for our customers. John and I are
confident Tronox is well positioned to capitalize on the future
market recovery."
While serving as co-Chief Executive Officers on an interim
basis, John D. Romano and
Jean-François Turgeon will maintain their respective
responsibilities as Executive Vice President, Chief Commercial and
Strategy Officer, and Executive Vice President and Chief Operating
Officer.
About John D. Romano
Mr. Romano currently serves as co-Chief Executive Officer on an
interim basis as well as Executive Vice President, Chief Commercial
and Strategy Officer. Previous roles include Senior Vice
President and President of the Company's Pigment and Electrolytic
operations, as well as Executive Vice President of Tronox
Incorporated. He has held a variety of senior sales and
marketing leadership positions at Tronox and its predecessor
companies dating back to 1988. Mr. Romano holds a Bachelor's
degree in Accounting from Oklahoma State
University.
About Jean-François Turgeon
Mr. Turgeon currently serves as co-Chief Executive Officer on an
interim basis as well as Executive Vice President and Chief
Operating Officer. Mr. Turgeon joined Tronox in January 2014 to integrate the mineral sands and
pigment business. In addition, he has accountability for
integrated business planning, technology, supply chain and capital
investment, including mine development. Mr. Turgeon brings
decades of leadership experience in the global titanium dioxide
business. He joined Tronox from the Rio Tinto Group, where he
served for more than 24 years, culminating in his position as
Managing Director of its iron and titanium division. Mr.
Turgeon holds a Bachelor of Science degree in Chemical Engineering
from Université Laval and a Master's degree in Hydrometallurgy from
McGill University.
About Tronox
Tronox Holdings plc is one of the world's leading producers of
high-quality titanium products, including titanium dioxide pigment,
specialty-grade titanium dioxide products and high-purity titanium
chemicals, and zircon. We mine titanium-bearing mineral sands and
operate upgrading facilities that produce high-grade titanium
feedstock materials, pig iron and other minerals. With nearly 7,000
employees across six continents, our rich diversity, unmatched
vertical integration model, and unparalleled operational and
technical expertise across the value chain, position Tronox as the
preeminent titanium dioxide producer in the world. For more
information about how our products add brightness and durability to
paints, plastics, paper and other everyday products, visit
tronox.com.
Cautionary Statement about Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance based on our growth and other
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance, or
achievements to differ materially from the results, level of
activity, performance, or achievements expressed or implied by the
forward-looking statements. Significant risks and uncertainties may
relate to, but are not limited to, the impact of today's
announcements; market conditions and price volatility for titanium
dioxide, zircon and other feedstock materials, as well as global
and regional economic downturns, including as a result of the
coronavirus outbreak, that adversely affect the demand for our
end-use products; disruptions in production at our mining and
manufacturing facilities; and other financial, economic,
competitive, environmental, political, legal and regulatory
factors. These and other risk factors are discussed in the
Company's filings with the Securities and Exchange Commission.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance, synergies or achievements. Neither
we nor any other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
Media Contact:
Melissa Zona +1.636.751.4057
Investor Contact:
Jennifer Guenther
+1.646.960.6598
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SOURCE Tronox Holdings plc