Westlake Implements Succession Plan

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Westlake Implements Succession Plan

2024-07-15 20:25 Last Updated At：20:41

HOUSTON--(BUSINESS WIRE)--Jul 15, 2024--

Westlake Corporation (NYSE: WLK) (the “Company” or “Westlake”) today announced that Jean-Marc Gilson, who most recently served as President and Chief Executive Officer of Mitsubishi Chemical Group Corporation, has been appointed by the Board of Directors to serve as President and Chief Executive Officer of Westlake. Jean-Marc Gilson succeeds Albert Chao, who will transition to become Executive Chairman of the Westlake Board of Directors. James Chao, the current Chairman of the Board, will become Senior Chairman of the Westlake Board of Directors. These appointments take effect today.

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“I am excited to welcome Jean-Marc as the newest addition to Westlake’s management team. Westlake is in a very strong position supported by a world-class team, and, having served as the CEO of Westlake for the last 20 years, now is the right time to implement our succession plan,” said Albert Chao. “Jean-Marc brings 25 years of proven executive experience in the chemicals industry in the United States, Europe and Asia, during which he has led international companies and delivered impressive results. We are confident that Jean-Marc is the right leader to help us build on our track record of delivering market-leading results, disciplined growth and sustained shareholder value creation.”

James Chao said, “This announcement is the culmination of a thoughtful succession planning process by our Board to position Westlake for the future. We are incredibly proud of the Company and culture we have built and believe Jean-Marc will fit in seamlessly as we continue to execute our successful strategy and family culture of long-term value creation to begin Westlake’s next chapter.”

“I am honored and humbled to become the second, and first non-family, CEO of Westlake,” said Jean-Marc Gilson. “I have long admired Westlake as a best-in-class company at the forefront of delivering life-enhancing products through innovation in essential materials and building products. I look forward to working with Albert, James and the entire management team and Board to advance the good work underway as we deliver on our mission to responsibly serve our customers and return enhanced value to our shareholders.”

In connection with today’s announcement, Jean-Marc Gilson will also become President and CEO and a director of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (NYSE: WLKP), and Albert Chao will become Executive Chairman and James Chao will become Senior Chairman of the Westlake Chemical Partners GP LLC Board of Directors.

About Jean-Marc Gilson

A seasoned leader in the chemical industry with a proven ability to deliver sustained financial performance, Jean-Marc Gilson, 60, most recently served as President and CEO of Mitsubishi Chemical Group Corporation, an international chemical company based in Japan with more than $30 billion in revenue.

From 2014 to 2020, Jean-Marc Gilson served as Chief Executive Officer of Roquette, a family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. Before that, Mr. Gilson served as Vice-Chairman and Chief Operating Officer of NuSil Technology, a U.S.-based global manufacturer of medical- and space-grade silicone technology. Earlier in his career, Mr. Gilson held various leadership roles at Dow Corning, including Executive Vice President, Specialty Chemicals Business, before becoming CEO of Avantor Performance Materials.

Jean-Marc Gilson holds a Master of Science in Chemical Engineering from the University of Liège in Belgium and a Master of Business Administration from the International Institute for Management Development in Switzerland.

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company’s web site at www.westlake.com.

Red Bull's Max Verstappen holds off McLarens to win his fourth straight Japanese GP

2025-04-06 17:06 Last Updated At：17:11

SUZUKA, Japan (AP) — Max Verstappen won Sunday's Japanese Grand Prix to break a “mini-slump” of two wins from 16 races but needed a drive that his Red Bull team engineer called “perfection” to get it done.

It was Verstappen's fourth straight victory on the Suzuka circuit in central Japan and breaks the momentum of the McLarens of Lando Norris and Oscar Piastri, who won the season’s first two races in Australia and China.

“We still have work to do,” Verstappen said. "But it does show if we nail everything we can be up there.”

He did just that.

The four-time defending Formula 1 champion, Verstappen started from pole position after setting a course-record time in qualifying, which he called “insane.” Norris placed second and Piastri was third. The track was dry despite rain earlier in the day to produce an incident-free race.

Ferrari's Charles Leclerc finished fourth followed by George Russell of Mercedes and teammate Kimi Antonelli in sixth. Japanese driver Yuki Tsunoda finished 12th in his first drive with Red Bull's top team.

“We keep pushing,” Verstappen said. “Unbelievable. A great weekend for us.”

Norris leads the driver’s standings after three races with 62 points to 61 for Verstappen.

The weekend turned when Verstappen took the pole on his record lap Saturday in qualifying. And there was only one incident of note in Sunday's race — one that's being dubbed the “grass-cutting moment."

Most of the leaders pitted around the 20-lap mark with Verstappen and Norris exiting the pits at almost exactly the same time with Norris forced to drive over the grass, unable to get by Verstappen and he tried to access the track.

“He drove himself into the grass,” Verstappen said on the radio.

Norris said he had no bone to pick with Verstappen.

“He had the position and the right to do what he did," Norris said.

Race stewards agreed.

After the race, Verstappen saluted Japanese engine maker Honda, which this season will end its run of supplying the Red Bull team. And of course the win came on the Suzuka circuit, which Honda runs.

“If was fun, just pushing very hard at the end," Verstappen said. “The two McLarens were pushing very hard. We didn’t give up improving the car and today it was in its best form.”

“Of course, starting on the pole — that's what made it possible to win this race.”

Norris trailed right behing Verstappen for almost the whole race, unable to pass on the narrow Suzuka circuit.

“I could see Max quite clearly for the whole race but just couldn’t quite make any inroads," Norris said, unsurprised Verstappen was flawless and left him no openings.

“I don’t need anyone to tell me what Max is capable of doing,” he said.

Piastri and Norris both suggested their cars were slightly quicker than most this season. But the gap with other frontrunners Red Bull, Mercedes, and Ferrari is narrow.

“I think we have a small advantage," Piastri said. “But any small mistake and there’s a lot of competition there to capitalize.”

Sunday's start was clean with Verstappen taking the lead with the top starters on the grid falling into line behind him. Verstappen slowly stretched his lead and was two seconds ahead of Norris after 10 of 53 laps and kept the same advantage after 15.

Antonelli led briefly in the middle of the race as he stayed out longer on his first set of tires. At 18 he became the youngest to ever lead an F1 race. In addition, he also had the fastest lap — the youngest to do that, too.

Verstappen was back in the lead after 32 laps, only 1.3 seconds ahead of Norris and 3.4 up on Piastri. On the 36th lap the team radio told him: “Push from here.”

He did just that, pushing all the way to his 64th career win.

AP auto racing: https://apnews.com/hub/auto-racing