Olin Corp OLN said Scott Sutton will step down as President, Chief Executive Officer, and Chairman of the Board in the first half of 2024. Sutton has led a strategic transformation of Olin since taking the helm in 2020.
Sutton will continue as Executive Chairman of the Board until his departure to facilitate a smooth transition.
"Olin has a great future ahead and the Board and I are working closely together to identify an excellent leader who will enable the next phase of growth for Olin building on our strong foundation," said Sutton.
Olin is a vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition.
The company reported a 34.9% year-on-year decrease in second-quarter FY23 revenue to $1.7 billion, missing the consensus of $1.86 billion. EPS of $1.13 beat the consensus of $1.01.
It sees third-quarter 2023 adjusted EBITDA to be approximately 10% lower than second-quarter 2023 levels due to the difficult global economic environment and continued operating issues with the vinyl chloride monomer Freeport, Texas facility.
In late August, Olin signed an agreement to acquire the assets of White Flyer Targets, LLC, a maker of recreational trap, skeet, and sporting clay targets. It had a cash balance of $161.1 million as of June 30, 2023.
Related: Shot On Target: Ammunition Maker Olin Acquires White Flyer Targets For Undisclosed Sum
Price Action: OLN shares are trading lower by 11.29% at $51.47 on the last check Friday.
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