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Eastman Chemical Company
today announced that the Board of Directors has appointed Executive Vice
President Mark J. Costa President effective immediately and Chief
Executive Officer effective January 1, 2014. The Board also appointed
Costa as a Director, effective immediately, to serve until the Annual
Meeting of Stockholders in 2014.
James P. Rogers, 62, will continue to serve as Chairman and Chief
Executive Officer until January 1, 2014, and then will serve as
Executive Chairman of the Board. These actions are the result of the
Board's normal succession planning process.
"Being CEO of Eastman has been a great honor and truly one of the most
rewarding experiences of my life," Rogers said. "I am proud of what the
entire Eastman team has accomplished over the past several years, and I
have complete confidence that the company is well positioned to continue
delivering consistent, superior value to our stockholders.
"I am pleased to pass the reins to Mark and our talented team of
executives," Rogers said. "Mark is a proven leader who has been
instrumental in developing and executing Eastman's strategic plans for
growth. I look forward to my continued service as Executive Chairman and
to working with Mark to ensure a seamless transition."
"I am honored to have been selected by the Board of Directors to lead
Eastman as the next CEO and as a Director," said Costa. "I personally
want to thank Jim for all that he has done for Eastman and for his
incredible example of real leadership. I especially appreciate the
opportunity to continue working with Executive Vice President Ron
Lindsay and the rest of the executive team as we implement Eastman's
growth strategy."
Costa, 46, currently heads the company's Additives & Functional Products
and Advanced Materials segments and is Chief Marketing Officer and has
responsibility for the company's corporate innovation organization.
Since joining Eastman in 2006, he has held a number of executive
positions. He has been instrumental in developing Eastman's growth
strategies, has led Eastman's global supply chain and served as Senior
Vice President of the Polymers Group. Prior to joining Eastman, Costa
was a senior partner within Monitor Group's integrated North American
and global client service networks. He played a crucial role in
developing Monitor's techniques in corporate transformations and
portfolio management, and designing client business and marketing
capability building programs. Costa received his bachelor's degree in
economics from the University of California at Berkeley and his MBA from
Harvard Business School.
Speaking on behalf of Eastman's Board of Directors, Lead Director
Stephen R. Demeritt said, "Jim has courageously led Eastman through a
time of tremendous change, and we could not be more pleased with what he
has accomplished as CEO. We look forward to his continuing contributions
as Executive Chairman of the Board.
"Eastman is fortunate to have a senior leadership team of incredible
breadth and depth," said Demeritt. "We have tremendous confidence in
Mark and the rest of Eastman's executives to execute the company's plans
for growth and take Eastman to even greater success."
Eastman will host a 30-minute conference call with industry analysts on
May 15, 2013, at 9:00 a.m. ET for Jim Rogers and Mark Costa to discuss
this announcement. To listen to the live webcast of the conference call,
go to www.eastman.com/investors. To listen via telephone, the dial-in
number is (913) 312-0859, passcode number 7895386. A telephone replay
will be available continuously from 11:00 a.m. ET, May 15, to 11:00 a.m.
ET, May 25, at (719) 457-0820, passcode number 7895386.
Eastman is a global specialty chemical company that produces a broad
range of products found in items people use every day. With a portfolio
of specialty businesses, Eastman works with customers to deliver
innovative products and solutions while maintaining a commitment to
safety and sustainability. Its market-driven approaches take advantage
of world-class technology platforms and leading positions in attractive
end-markets such as transportation, building and construction and
consumables. Eastman focuses on creating consistent, superior value for
all stakeholders. As a globally diverse company, Eastman serves
customers in approximately 100 countries and had 2012 pro forma combined
revenues, giving effect to the Solutia acquisition, of approximately
$9.1 billion. The company is headquartered in Kingsport, Tennessee, USA
and employs approximately 13,500 people around the world. For more
information, visit www.eastman.com.
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