Company: NGVT
Filing Date: 2025-03-20
Form Type: DEFA14A
Source: 0001140361-25-009731
Chunk: 3

Company: Ingevity Corp
Filing Date: 2025-03-20
Form: DEFA14A
Chunk 3
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 drive execution of the business, announced a comprehensive portfolio review and focused on recruiting top management talent with proven track records in executing strong stockholder value creation. On March 10, the Company announced it had successfully concluded its CEO search with the appointment of David H. Li, the former President and CEO of CMC Materials, as our next President and CEO, effective April 7, 2025. While at CMC, David delivered ~300%total shareholder returns as compared to ~78% for the S&P 400 2, ~ 16%cumulative annual revenue growth 3and ~14%cumulative annual operating profit growth 3– and led the $6.5 billion sale to Entegrisat a 35% premium 4. We are confident he is the right leader to drive our business forward. In addition, on March 12, Ingevity announced the appointment of Michael Shukov, who had previously served as managing director at PPG Industrial Coatings, EMEA, as Ingevity’s new Senior Vice President and President of Advanced Polymer Technologies. These leadership appointments give us confidence that the future is bright for Ingevity and its stockholders. Recent commentators have recognized our strong trajectory 5:

| • | “Given the significant/heavy lifting that NGVT has done in repositioning its portfolio away from the CTO volatility seen over the past few years, we are looking for 2025 to be a major year of inflection for 
 NGVT's earnings.” – BMO Capital Markets 2.26.25                                                                                                                                                                |

| • | "We remain encouraged by Ingevity’s restructuring progress under interim CEO Luis Fernandez-Moreno, which is yielding faster than expected improvements in profitability and especially cash flow." – CJS 
 Securities 2.24.25                                                                                                                                                                                        |

Vision One’s Proxy Fight Vision One first reached out to Ingevity in November 2024 and later nominated four directors for election to the Ingevity Board, including Courtney Mather, its founder, CEO and Chief Investment Officer. Our Board assessed Vision One’s nominees and determined, particularly in light of the current initiatives and portfolio review underway, that they lack experience in the specialty chemicals sector or as executive officers of a public company, and do not have meaningful operational or capital allocation expertise in public company operating roles. In an effort to avoid a potential proxy fight at an important inflection point for the Company, we proposed to Vision One that we would be willing to work