Lubrizol Corp has named a new Chief Executive Officer and Chairman. Eric R Schur will succeed James L Hambrick in the role, effective immediately.

Hambrick is standing down after a 38-year career with Lubrizol, having fulfilled his commitment to remain as Chairman, President and CEO for five years following Berkshire Hathaway’s acquisition of Lubrizol.

“It has been a privilege to serve this great company for the past 38 years, and especially to work with our highly talented management team in the successful transformation of Lubrizol over the past 14 years. I now look forward to pursuing my other interests beyond Lubrizol, knowing that I am leaving the company in capable hands,” said Hambrick. “Eric has been an essential member of our leadership team for many years. He is an experienced and visionary leader with the necessary strategic, operational and financial acumen required to direct Lubrizol in the next phase of its growth and evolution. In 27 years with the company, Eric has achieved a track record of strong performance and a broad range of accomplishments in our Lubrizol Additives and Lubrizol Advanced Materials business segments. Just as important, he embodies and supports Lubrizol’s corporate philosophy and core values, including honesty and integrity, technical innovation, commitment to employees, excellent customer service, and safety and responsibility. All of these qualities make Eric uniquely qualified to become the company’s next president and chief executive.”

Schnur added, “I am 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.”