FMC president and CEO Mark
Douglas steps down from his position.
Executive vice president Ronaldo
Pereira has been elected FMC president.
Company reaffirms second quarter 2024 revenue and earnings
guidance ranges.
PHILADELPHIA, June 11,
2024 /PRNewswire/ --
FMC Corporation (NYSE: FMC) today announced that its Board of
Directors has appointed Pierre Brondeau to be chief executive
officer in addition to his role as board chairman. He succeeds
current president and CEO Mark
Douglas, who has stepped down from FMC following more than
14 years with the company. In addition, the Board of
Directors has appointed Ronaldo
Pereira as president of FMC Corporation. Brondeau and
Pereira assume their new roles effective immediately. Douglas will
serve as an executive advisor to the senior management team through
September 1.
Brondeau was chairman and CEO of FMC from 2010 until his
retirement in June 2020, and has
continued to serve as chairman of the board during the last four
years. He presided over a period of significant growth at
FMC, transforming the company into an agricultural sciences leader.
During Brondeau's prior tenure as CEO, FMC embarked on significant
M&A transactions, increased R&D investments and expanded
into new geographies, delivering total shareholder return of more
than 325 percent from 2010 to 2020.
"Pierre is a respected executive in the chemical and specialty
materials industries with a track record of delivering strong,
consistent earnings performance," said C. Scott Greer, lead independent director of the
FMC board. "Furthermore, he is highly regarded and well known by
FMC's executive management team, many who worked closely with
Pierre when he previously served as CEO. The board is confident
that the transition will be seamless, and that Pierre is the right
leader to drive FMC forward."
Pereira has been with FMC for nearly 28 years, most recently
serving as executive vice president and president of the Americas
region. As FMC president, Pereira will have expanded
responsibilities, including executive oversight for all commercial,
sales and marketing globally, as well as overseeing the
Sustainability, External Affairs, Regulatory and Marketing
functions. He will also retain oversight of the Plant Health
business.
"Ronaldo is a highly respected crop protection industry veteran
with broad commercial experience and a successful track record of
building and growing our business throughout Latin America and North America," said Brondeau. "He is
passionate about this industry and our customers. I look forward to
working closely with him to aggressively drive profitable growth
this year while continuing to execute on our longer-term growth
strategy."
"Mark Douglas' leadership, vision
and commitment to bring the best technologies and products to the
agricultural industry have left a lasting, positive mark on FMC,"
said Greer. "During his tenure, he transformed what had been a
solid FMC business segment into a global crop protection leader
driven by innovation, operational agility and a customer-first
model. In an industry that values and needs advanced products
to protect crops from destructive pests and disease, Mark
dramatically strengthened FMC's technology pipeline, launched novel
precision agriculture technologies and built a new Plant Health
business featuring the latest biological and pheromone solutions.
Mark led FMC during a time of significant challenges in the
industry. Under his leadership as CEO, the company successfully
navigated the impacts of an unprecedented pandemic, delivered
industry-leading safety performance and announced aggressive new
sustainability targets. The board extends its gratitude and
appreciation to Mark for his 14 years of unwavering commitment and
leadership to FMC."
Brondeau said, "FMC is a strong company with a deep R&D
pipeline, a broad and robust product portfolio, strong operating
discipline and a highly experienced management team. The company
has a bright future, and I look forward to working with our
leadership to bring the best crop protection products and services
to our customers while delivering exceptional financial
performance."
The company reaffirms second quarter 2024 revenue and earnings
guidance ranges1.
About Pierre Brondeau
Dr. Brondeau has served as
chairman of the board since October
2010, and was also chief executive officer of FMC from
January 2010 until June 2020; president from January 2010 until May
2018; and executive chairman from June 2020 to April
2021. Before joining the Company as president and CEO in
January 2010, Dr. Brondeau served as
president and CEO, Dow Advanced Materials Division, until his
retirement in September 2009. Prior
to Dow's acquisition of Rohm and Haas Company in April 2009, he was president and chief operating
officer of Rohm and Haas from May
2008. Dr. Brondeau held numerous executive positions during
his tenure at Rohm and Haas from 1989 through May 2008 in Europe and the
United States, with global responsibilities for marketing,
sales, research and development, engineering, technology and
operations. Dr. Brondeau previously served as a member of the board
of directors of TE Connectivity Ltd., Marathon Oil Corporation and
Livent Corporation.
About FMC
FMC Corporation is a global agricultural
sciences company dedicated to helping growers produce food,
feed, fiber and fuel for an expanding world population
while adapting to a changing environment. FMC's innovative
crop protection solutions – including biologicals, crop nutrition,
digital and precision agriculture – enable growers, crop
advisers and turf and pest management professionals to address
their toughest challenges economically while protecting the
environment. With approximately 6,200 employees at more than 100
sites worldwide, FMC is committed to discovering new herbicide,
insecticide and fungicide active ingredients, product formulations
and pioneering technologies that are consistently better for the
planet. Visit fmc.com to learn more and follow us
on LinkedIn®.
Statement under the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995: FMC and its
representatives may from time to time make written or oral
statements that are "forward-looking" and provide other than
historical information, including statements contained in this
press release, in FMC's other filings with the SEC, and in
presentations, reports or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking
statements by such words or phrases as "outlook", "will likely
result," "is confident that," "expect," "expects," "should,"
"could," "may," "will continue to," "believe," "believes,"
"anticipates," "predicts," "forecasts," "estimates," "projects,"
"potential," "intends" or similar expressions identifying
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the negative of
those words or phrases. Such forward-looking statements are based
on our current views and assumptions regarding future events,
future business conditions and the outlook for the company based on
currently available information. The forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
results, levels of activity, performance or achievements expressed
or implied by any forward-looking statement. These statements are
qualified by reference to the risk factors included in Part I, Item
1A of our Annual Report on Form 10-K for the year ended
December 31, 2023 (the "2023 Form
10-K"), the section captioned "Forward-Looking Information" in Part
II of the 2023 Form 10-K and to similar risk factors and cautionary
statements in all other reports and forms filed with the Securities
and Exchange Commission ("SEC"). We wish to caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. Forward-looking statements
are qualified in their entirety by the above cautionary
statement.
We specifically decline to undertake any obligation, and
specifically disclaims any duty, to publicly update or revise any
forward-looking statements that have been made to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events, except as may be
required by law.
(1) Second quarter 2024 revenue and earnings
guidance ranges provided in the FMC May 6,
2024, earnings release.
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