Westlake Corp Appoints New Executive Vice Presidents

TL;DR

Westlake Corp just promoted Bob Chapman and Dave Johnson to EVP roles, effective immediately.

AI Summary

On July 15, 2024, Westlake Corporation announced the appointment of two new officers: Robert B. "Bob" Chapman as Executive Vice President, Performance and Essential Materials, and David R. "Dave" Johnson as Executive Vice President, Housing and Infrastructure Products. Both appointments are effective immediately. The company also reported on compensatory arrangements for certain officers.

Why It Matters

These executive appointments signal potential shifts in leadership focus and strategy within Westlake's key business segments, which could impact future performance and operational direction.

Risk Assessment

Risk Level: low — The filing primarily concerns executive appointments and compensatory arrangements, which are routine corporate governance matters.

Key Players & Entities

• Westlake Corporation (company) — Registrant
• Robert B. "Bob" Chapman (person) — Appointed Executive Vice President, Performance and Essential Materials
• David R. "Dave" Johnson (person) — Appointed Executive Vice President, Housing and Infrastructure Products
• July 15, 2024 (date) — Effective date of appointments and report date

FAQ

Key Financial Figures

• $1,250,000 — n will receive an annual base salary of $1,250,000, a 2024 target bonus of 120% of base sa
• $3,000,000 — otal aggregate grant date fair value of $3,000,000. The number of shares of common stock o
• $0.5 million — rse of business has purchased less than $0.5 million of goods from Mitsubishi Chemical Group

Filing Documents

• d849268d8k.htm (8-K) — 31KB
• d849268dex991.htm (EX-99.1) — 7KB
• 0001193125-24-178846.txt ( ) — 197KB
• wlk-20240715.xsd (EX-101.SCH) — 4KB
• wlk-20240715_def.xml (EX-101.DEF) — 13KB
• wlk-20240715_lab.xml (EX-101.LAB) — 22KB
• wlk-20240715_pre.xml (EX-101.PRE) — 14KB
• d849268d8k_htm.xml (XML) — 5KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): July 15, 2024 Westlake Corporation (Exact name of registrant as specified in its charter) Delaware 001-32260 76-0346924 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 2801 Post Oak Boulevard , Suite 600 Houston , Texas 77056 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 960-9111 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock WLK The New York Stock Exchange 1.625% Senior Notes due 2029 WLK 29 The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 15, 2024, Westlake Corporation (the "Company") announced the following leadership transitions, effective July 15, 2024 (the "Effective Date"): James Chao, formerly the Chairman of the Board of Directors of the Company (the "Board"), transitioned to the position of Senior Chairman of the Board; Albert Chao, formerly the President, Chief Executive Officer and Director of the Company, transitioned to the position of Executive Chairman of the Board; and Jean-Marc Gilson was appointed as the President and Chief Executive Officer of the Company. This leadership transition is the culmination of a thoughtful succession planning process by the Board to position the Company for the future. In connection with his appointment as President and Chief Executive Officer of the Company, Mr. Gilson was also appointed as President and Chief Executive Officer and a director of Westlake Chemical Partners GP LLC, a wholly-owned subsidiary of the Company and the general partner of Westlake Chemical Partners LP. Prior to joining the Company, Mr. Gilson (age 60) served as President, Chief Executive Officer and Representative Director of Mitsubishi Chemical Group Corporation (formerly known as Mitsubishi Chemical Holdings Corporation), an international producer of specialty chemicals and industrial products, from April 2021 until April 2024. From September 2014 until December 2020, Mr. Gilson served as Chief Executive Officer of Roquette Frres, a family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. Before that, Mr. Gilson served as Vice-Chairman and Chief Operating Officer of NuSil Technology LLC, a global manufacturer of medical- and space-grade silicone technology. Earlier in his career, Mr. Gilson held various leadership roles at Dow Corning Corporation, including Executive Vice President, Specialty Chemicals Business, before becoming Chief Executive Officer of Avantor Performance Materials, Inc. Mr. Gilson holds a Master of Science in Chemical Engineering from the University of Liege in Belgium and a Master of Business Administration from the International Institute for Management Development in Switzerland. In connection with his appointment as President and Chief Executive Officer of the Company, Mr. Gilson will receive an annual base salary of $1,250,000, a 2024 target bonus of 120% of base salary under the Company's Annual Incentive Plan, a target bonus of 8% of eligible quarterly salary under the Company's Quarterly Incentive Plan and a long-term incentive award with a target grant value of 400% of base salary under the Company's amended and restated 2013 Omnibus Incentive Plan (each prorated based on Mr. Gilson's start date). Mr. Gilson will also receive a sign-on bonus of restricted stock units ("RSUs") under the C

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