Diversified chemical company FMC Corp. (FMC: Quote) said Monday that it has appointed former Goldman Sachs Group Inc. (GS) executive Paul Graves as its executive vice president and chief financial officer. His appointment is effective October 1, 2012.
Graves was previously partner and managing director at Goldman Sachs. He succeeds Kim Foster, who will retire at the end of the year.
Foster has served as FMC Corp.'s CFO since 2001. He joined the company in 1978.
In addition, Philadelphia, Pennsylvania-based FMC Corp. named Mark Douglas as president of the Agricultural Products Group. He succeeds Milton Steele, who will retire in early 2013.
Further, FMC Corp. said that Ed Flynn has been promoted to president of the Industrial Chemicals Group, succeeding Mark Douglas.
Graves, Douglas, and Flynn will report to Pierre Brondeau, president, CEO and chairman of FMC Corp. The appointment of Douglas and Flynn are also effective October 1, 2012.
Brondeau said, "Paul brings significant finance experience to FMC, and is an excellent addition to our executive team. He is a dynamic, global leader who's worked in Europe, Asia, and the U.S., and brings to FMC tremendous experience in the chemicals and agriculture sectors, having served as the global head of those sectors in Goldman's Investment Banking Division."
Graves began his career in investment banking in 1997 in London, and joined Goldman Sachs' Investment Banking Division in 2000. He moved to Goldman Sachs' Hong Kong office in 2010, where he was named co-head of Natural Resources for Asia, excluding Japan.
In addition, Graves was the global head of the Chemicals sector since 2005, and global head of the Agriculture sector. He was promoted to managing director of Goldman Sachs in 2006 and partner in 2008.
Douglas joined FMC in 2010 as vice president of Global Services and International Development. Prior to joining the company, he held a variety of commercial, research, regional, and global roles in the chemical industry, including leadership positions at Rohm and Haas Co. and Dow Chemical Co. (DOW).
In addition to leading FMC Agricultural Products Group, Douglas will retain executive oversight for the Latin America Region and the Procurement organization.
Flynn has held a variety of engineering, manufacturing, functional, and business roles of increasing responsibility at several FMC locations during his career. He was promoted to division manager for Alkali Chemicals in 2002, where he has been a champion of the business's low-cost model.
FMC Corp. also said that Michael Wilson, president of the Specialty Chemicals Group, will add to his business responsibilities executive oversight for the company's Asia Pacific and Central and Eastern Europe and Turkey regions. Wilson will retain executive responsibility for Sustainability.
In late July, FMC Corp. reported net income for the second quarter of $104.9 million or $0.76 per share, compared to net income of $107.2 million or $0.74 per share in the year-ago period. Revenue for the quarter rose 11 percent from the prior-year period to $905.2 million.
In Monday's regular session, FMC is trading at $58.28, down $0.27 or 0.46 percent on 703,100 shares.
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by RTT Staff Writer
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