CEO of Ingevity ousted over 'personal conduct' issues
February 21, 2020
NORTH CHARLESTON, S.C. (From news reports) -- A global chemical business that was spun out of the old MeadWestvaco paper-making conglomerate into a standalone public company has ousted its top executive, citing "matters related to his personal conduct."
North Charleston-based Ingevity Corp. announced Thursday that D. Michael Wilson agreed to resign as CEO, president and director, effective immediately.
"Wilson's resignation is unrelated to the company's financial reporting and business performance and is the result of matters relating to his personal conduct," the company said in a written statement. It did not elaborate.
Ingevity was started years ago as the specialty chemical division within MeadWestvaco Corp. It became an independent publicly traded company after the paper and packaging giant was sold about about five years ago in a deal that created WestRock Co.
Ingevity's stock is traded on the New York Stock Exchange.
Wilson was hired in 2015 to lead the new Virginia Avenue chemical spin-off, which now has 25 locations around the world and employs about 1,850 workers.
Ingevity earned $184 million on revenue of about $1.3 billion last year.