Celanese Appoints New CFO, Christopher D. Smith
Ticker: CE · Form: 8-K · Filed: Dec 9, 2024 · CIK: 1306830
| Field | Detail |
|---|---|
| Company | Celanese CORP (CE) |
| Form Type | 8-K |
| Filed Date | Dec 9, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.0001, $1,150,000, $7,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: CE
TL;DR
Celanese names new CFO, Chris Smith, replacing Greg Freerksen. New role starts Dec 10th.
AI Summary
Celanese Corporation (CE) announced on December 9, 2024, the appointment of Christopher D. Smith as Executive Vice President and Chief Financial Officer, effective December 10, 2024. Smith will receive an annual base salary of $600,000 and is eligible for various incentive programs. The company also disclosed the departure of its former CFO, Gregory P. Freerksen.
Why It Matters
A change in CFO can signal shifts in financial strategy or management priorities, impacting investor confidence and the company's financial outlook.
Risk Assessment
Risk Level: low — This filing pertains to a routine executive appointment and compensation, which typically carries low risk.
Key Numbers
- $600,000 — New CFO Base Salary (Annual compensation for Christopher D. Smith)
Key Players & Entities
- Celanese Corporation (company) — Filing company
- Christopher D. Smith (person) — Newly appointed Executive Vice President and Chief Financial Officer
- Gregory P. Freerksen (person) — Departing Chief Financial Officer
- $600,000 (dollar_amount) — Annual base salary for new CFO
FAQ
What is Christopher D. Smith's start date as CFO?
Christopher D. Smith's appointment as Executive Vice President and Chief Financial Officer is effective December 10, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Christopher D. Smith is $600,000.
Who is the departing CFO?
The filing indicates the departure of Gregory P. Freerksen as Chief Financial Officer.
What other compensation is the new CFO eligible for?
Christopher D. Smith is eligible for various incentive programs, as detailed in the filing.
What is Celanese Corporation's primary business?
Celanese Corporation is involved in Plastic Material, Synthetic Resin, and Rubber (excluding glass), according to its SIC code.
Filing Stats: 1,153 words · 5 min read · ~4 pages · Grade level 12.3 · Accepted 2024-12-09 16:24:47
Key Financial Figures
- $0.0001 — ch Registered Common Stock, par value $0.0001 per share CE The New York Stock Excha
- $1,150,000 — providing for an annual base salary of $1,150,000 and a 2025 target annual bonus opportun
- $7,500,000 — ave a grant date value of approximately $7,500,000 to be granted in February 2025, in the
Filing Documents
- tm2430529d1_8k.htm (8-K) — 43KB
- tm2430529d1_ex10-1.htm (EX-10.1) — 6KB
- tm2430529d1_ex10-2.htm (EX-10.2) — 132KB
- tm2430529d1_ex99-1.htm (EX-99.1) — 14KB
- tm2430529d1_ex10-1img01.jpg (GRAPHIC) — 4KB
- 0001104659-24-126774.txt ( ) — 477KB
- ce-20241209.xsd (EX-101.SCH) — 4KB
- ce-20241209_def.xml (EX-101.DEF) — 28KB
- ce-20241209_lab.xml (EX-101.LAB) — 38KB
- ce-20241209_pre.xml (EX-101.PRE) — 26KB
- tm2430529d1_8k_htm.xml (XML) — 9KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On December 9, 2024, Celanese Corporation (the "Company") announced that the Company's Board of Directors (the "Board") appointed Scott A. Richardson as Chief Executive Officer and President of the Company and elected Edward G. Galante, an independent member of the Board, to the position of Chair of the Board, in each case, effective as of January 1, 2025 (the "Transition Date"). Lori J. Ryerkerk will step down from the Board and no longer serve as Chief Executive Officer and President of the Company, in each case effective immediately prior to the Transition Date. The Board elected Mr. Richardson to the Board to fill the vacancy created by Ms. Ryerkerk's departure, also effective as of the Transition Date. Mr. Richardson will not serve on any of the Board's committees when he begins Board service. Mr. Richardson has been the Executive Vice President & Chief Operating Officer of the Company since November 2023 after serving as Executive Vice President & Chief Financial Officer of the Company since February 2018. Before that, he was senior vice president of the Engineered Materials business since December 2015, where he had global responsibility for strategy, product and business management, planning and portfolio development, and pipeline management. Previously, Mr. Richardson served as vice president and general manager of the Acetyl Chain since 2011. He has served in several other Celanese roles including global commercial director, Acetyls; manager of Investor Relations; business analysis manager, Acetyls; and business line controller, Polyols and Solvents. Mr. Richardson joined Celanese in 2005. Before joining Celanese, he held various finance, operational and leadership roles at American Airlines. Mr. Richardson earned a Bachelor of Arts degree in Accounting from Westminster College, and a Master of Bus
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) The following exhibits are being furnished herewith: Exhibit Number Description 10.1 Offer Letter, dated December 9, 2024, between Celanese Corporation and Scott A. Richardson 10.2 Amended and Restated Change in Control Agreement between Celanese Corporation and Scott A. Richardson 99.1 Press Release dated December 9, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document contained in Exhibit 101) 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CELANESE CORPORATION By: /s/ Ashley B. Duffie Name: Ashley B. Duffie Title: Senior Vice President, General Counsel and Corporate Secretary Date: December 9, 2024 4