Ernesto Occhiello, the new Chief Executive of Clariant, has left his role due to ‘personal reasons’, according to a report by the Financial Times.
Having only taken up the position 10 months ago, Occhiello has left his role with ‘immediate effect’, causing Clariant shares to fall 4 percent.
Taking to a statement, the company said, “Clariant will continue to implement its strategy and intends to continue to profitably grow in the market by providing specialized products and solutions that meet global challenges with attractive prospects and above average growth potential. This is safeguarded by a stable structure of shareholders who support our strategy.”
Rumors over Occhiello’s departure include possible hesitations about the ongoing negotiations with Aramco-controlled Saudi Basic Industries (SABIC), which owns 25 percent of Clariant. The company is said to be looking to combine the Clariant’s additives and specialty masterbatches businesses with that of SABIC’s speciality chemical’s operation in a bid to create a new Business Area High Performance Materials venture, according to the FT.
Negotiations with SABIC are ongoing.