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EX-10.1 - EX-10.1 - SCHULMAN A INC | l42775exv10w1.htm |
EX-10.2 - EX-10.2 - SCHULMAN A INC | l42775exv10w2.htm |
8-K - FORM 8-K - SCHULMAN A INC | l42775e8vk.htm |
Exhibit 99.1
NEWS RELEASE |
FOR IMMEDIATE RELEASE
A. SCHULMAN BOARD EXTENDS CHAIRMAN, PRESIDENT AND CHIEF
EXECUTIVE OFFICER JOSEPH M. GINGOS EMPLOYMENT
AGREEMENT TO 2014
EXECUTIVE OFFICER JOSEPH M. GINGOS EMPLOYMENT
AGREEMENT TO 2014
AKRON, Ohio May 23, 2011 A. Schulman, Inc. (Nasdaq-GS: SHLM) today announced that its Board
of Directors has extended Joseph M. Gingos employment agreement by two years, to December 31,
2014. Gingo will continue to serve as the Companys Chairman, President and Chief Executive
Officer. His previous contract was set to expire at the end of December 2012.
The directors of A. Schulman are exceedingly pleased with the agreement extending Joe Gingos
tenure as Chairman, President and Chief Executive Officer. This ensures continuity of the
outstanding leadership that Joe has provided the Company, and allows additional time for the Board
of Directors to continue pursuing its thorough and disciplined succession plan for leadership
beyond 2014, said John B. Yasinsky, lead independent chairman of the Board.
I am especially pleased the Board has given me this opportunity to continue the Companys
successful strategic journey to achieve sustained profitable growth and shareholder value
creation, Gingo said. When I joined the Company in 2008, I knew that A. Schulman had outstanding
potential, and Im very proud of our progress as we have reduced working capital, improved our U.S.
operating income and created a financially stronger company able to pursue global strategic growth
opportunities.
Gingo has been Chief Executive Officer and President of A. Schulman since January 1, 2008. He was
named Chairman of the Board on February 26, 2008. Previously, he spent over 40 years with at the
Goodyear Tire & Rubber Company where he held various executive positions. Gingo earned a
bachelors degree in chemical engineering from Case Institute of Technology (now Case Western
Reserve University), and a law degree from the University of Akron. He received a masters degree
in business management from the Sloan Fellowship program at Massachusetts Institute of Technology.
About A. Schulman, Inc.
Headquartered in Akron, Ohio, A. Schulman is a leading international supplier of high-performance
plastic compounds and resins. These materials are used in a variety of consumer, industrial,
automotive and packaging applications. The Company employs about 2,900 people and has 33
manufacturing facilities in North America, South America, Europe and Asia. A. Schulman reported
net sales of $1.6 billion for the fiscal year ended August 31, 2010. Additional information about
A. Schulman can be found at www.aschulman.com.
Cautionary Note on Forward-Looking Statements
A number of the matters discussed in this document that are not historical or current facts deal
with potential future circumstances and developments and may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by the fact that they do not relate strictly to
historic or current facts and relate to future events
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and expectations. Forward-looking statements contain such words as anticipate, estimate,
expect, project, intend, plan, believe, and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance. Forward-looking
statements are based on managements current expectations and include known and unknown risks,
uncertainties and other factors, many of which management is unable to predict or control, that may
cause actual results, performance or achievements to differ materially from those expressed or
implied in the forward-looking statements. Important factors that could cause actual results to
differ materially from those suggested by these forward-looking statements, and that could
adversely affect the Companys future financial performance, include, but are not limited to, the
following:
| worldwide and regional economic, business and political conditions, including continuing economic uncertainties in some or all of the Companys major product markets; | ||
| the effectiveness of the Companys efforts to improve operating margins through sales growth, price increases, productivity gains, and improved purchasing techniques; | ||
| competitive factors, including intense price competition; | ||
| fluctuations in the value of currencies in major areas where the Company operates; | ||
| volatility of prices and availability of the supply of energy and raw materials that are critical to the manufacture of the Companys products, particularly plastic resins derived from oil and natural gas; | ||
| changes in customer demand and requirements; | ||
| effectiveness of the Company to achieve the level of cost savings, productivity improvements, growth and other benefits anticipated from acquisitions and restructuring initiatives; | ||
| escalation in the cost of providing employee health care; | ||
| uncertainties regarding the resolution of pending and future litigation and other claims; | ||
| the performance of the North American auto market; and | ||
| further adverse changes in economic or industry conditions, including global supply and demand conditions and prices for products. |
The risks and uncertainties identified above are not the only risks the Company faces. Additional
risk factors that could affect the Companys performance are set forth in the Companys Annual
Report on Form 10-K and the most recent Form 10-Q. In addition, risks and uncertainties not
presently known to the Company or that it believes to be immaterial also may adversely affect the
Company. Should any known or unknown risks or uncertainties develop into actual events, or
underlying assumptions prove inaccurate, these developments could have material adverse effects on
the Companys business, financial condition and results of operations. This document contains
time-sensitive information that reflects managements best analysis only as of the date of this
document. The Company does not undertake an obligation to publicly update or revise any
forward-looking statements to reflect new events, information or circumstances, or otherwise.
Further information concerning issues that could materially affect financial performance related to
forward-looking statements can be found in the Companys periodic filings with the Securities and
Exchange Commission.
SHLM_ALL
Contact
information:
Jennifer K. Beeman
Director of Corporate Communications & Investor Relations
A. Schulman, Inc.
3550 W. Market St.
Akron, Ohio 44333
Tel: 330-668-7346
email: Jennifer_Beeman@us.aschulman.com
Jennifer K. Beeman
Director of Corporate Communications & Investor Relations
A. Schulman, Inc.
3550 W. Market St.
Akron, Ohio 44333
Tel: 330-668-7346
email: Jennifer_Beeman@us.aschulman.com
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