Chemicals maker Lubrizol has announced the new appointment of Eric R Schnur as President, Chairman and CEO following the retirement of James L. Hambrick, who currently holds those positions.

Schnur previously held the positions of Executive Vice President and Chief Operating Officer with the company, while Greg D. Taylor, Senior Vice President of Corporate Strategy and Development, is also set to retire this year.

Hambrick has been with the company for 38 years in various responsibilities and helped bolster Lubrizol from a $2 billion lubricant additives company to a $7 billion leading specialty chemical company through blazing an acquisition trail and reinvesting in the business.

Meanwhile Schnur joined the company in 1989 as a development engineer and has since held numerous positions throughout his career and has worked for the Lubrizol Advanced Materials Division and the Lubrizol Additives site in Singapore.

Schnur says, “I’m honored by the opportunity to lead such a special company, and I thank James for his confidence in me. James has made significant contributions to the transformation of the company during his CEO tenure and I look forward to building upon this strong foundation, continuing to execute on our strategy and enhancing Lubrizol’s ability to deliver value to our customers in the markets in which we participate.”