In accordance with the board's executive leadership transition plan,
The board has retained Korn Ferry to conduct the CEO search and will consider both internal and external candidates.
The Tronox Board of Directors has issued the following statement:
"Tom has informed us of his decision to step down as CEO of
"Unfortunately, I am spending more time and energy on my health issues. My ability to deliver the commitment that my colleagues, our customers, our shareholders and other stakeholders deserve in the role of CEO of
"I am confident that the company is well-situated to move forward through the necessary transition that we will now undertake. The board has had a plan for this transition for some time, and the team is ready to implement it.
"Our TiO2 business is performing extremely well and is in a very strong position - as our first quarter 2017 results demonstrated. We are still at the beginning of a significant, sustained recovery throughout this year and into an even bigger 2018. Our operational excellence initiatives have significantly improved our efficiency and cost basis, our cash generation performance has improved dramatically, our pigment and mineral sands markets are improving globally with pigment production and sales volumes at all-time highs. In fact, we anticipate that our improved performance will accelerate now that the first quarter's one-time items are behind us and that we will achieve industry-leading profitability.
"Global demand for soda ash is increasing and Chinese supply is both increasing in costs and diminishing in amount through the effects of more vigorous environmental enforcement and reduced domestic capacity. We are producing at 100 percent of available capacity at a structurally advantaged cost and continue to sell everything we make.
"Our TiO2 integration planning effort is fully active and making good progress on identifying concrete steps to accelerate the benefits of our combination with Cristal's TiO2 business. While we have received the expected second request for information from the
"All of these positive conditions allow me to be confident that the time is right to concentrate my energy on our Cristal, Alkali, and related strategic matters. Our performance is proof that our existing leadership team is deep and strong. I know that with Peter's oversight and my support,
Forward Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tronox-commences-implementation-of-executive-leadership-transition-plan-300455584.html
News Provided by Acquire Media