Company: NGVT
Filing Date: 2025-03-19
Form Type: PRER14A
Source: 0001308179-25-000166
Chunk: 6

Company: Ingevity Corp
Filing Date: 2025-03-19
Form: PRER14A
Chunk 6
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 we discussed a variety of topics, including capital allocation and leverage, portfolio review, key raw material costs, financial results, and the CEO transition. Senior leadership participated in approximately 70% of these engagements. In 2024, we also attended 14 conferences/roadshows hosted by analysts resulting in over 100 meetings with stockholders or potential stockholders. We also broadcast live audio webcasts of quarterly earnings presentations to keep stockholders informed. The Board and the Company’s senior management have long evaluated and pursued strategic steps to execute on the Company’s strategy to focus on higher margin and higher growth products and optimize the Company’s manufacturing network in order to achieve its objectives of improving profitability and reducing cyclicality. For example, on November 1, 2023, the Company announced via press release steps it was taking to further reposition its Performance Chemicals segment, including the closure of its plant in DeRidder, Louisiana. On July 31, 2024, the Company announced additional steps it had taken to advance the strategic repositioning of its Performance Chemicals segment to drive the execution of its corporate strategy and maximize profitability, including the closure of its plant in Crossett, Arkansas and moving oleo chemical refining to the North Charleston, South Carolina site’s secondary refinery. To date, we have made significant progress in proactively managing our Performance Chemicals business, including by exiting lower margin cyclical end markets, reducing our physical footprint to optimize costs, diversifying our raw material streams, and addressing uneconomic long-term supply contracts. On October 3, 2024, the Company announced that John Fortson had departed the Company after serving in various roles since the Company’s separation from WestRock in 2016, including as president, CEO and a member of the Board since 2020. The Company announced that Luis Fernandez-Moreno, a member of the Board since 2016, would serve as interim president and CEO during the Board’s extensive search process to identify a permanent president and CEO. This search process culminated on March 10, 2025 upon the announcement that David H. Li will be appointed as the Company’s next President and CEO, effective April 7, 2025. On October 30, 2024, and prior to any engagement by Vision One, Mr. Fernandez-Moreno stated during the Company’s third quarter 2024 earnings call, that one of his core areas of focus as interim president and CEO would be to conduct a review of the Company’s portfolio of businesses and