Westlake Implements Succession Plan

News

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240715230107/en/

“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.

South Korea's President Yoon Suk Yeol removed from office over declaration of martial law

2025-04-04 13:15 Last Updated At：13:20

SEOUL, South Korea (AP) — South Korea’s Constitutional Court removed impeached President Yoon Suk Yeol from office on Friday, ending his tumultuous presidency and setting up an election to find a new leader, four months after he threw South Korean politics into turmoil with an ill-fated declaration of martial law.

The unanimous verdict capped a dramatic fall for Yoon, a former star prosecutor who went from political novice to president in 2022, just a year after he entered politics.

In a nationally televised verdict, the court’s acting chief Moon Hyung-bae said the eight-member bench upheld Yoon’s impeachment because his martial law decree seriously violated the constitution and other laws.

“The defendant not only declared martial law, but also violated the constitution and laws by mobilizing military and police forces to obstruct the exercise of legislative authority,” Moon said, “Ultimately, the declaration of martial law in this case violated the substantive requirements for emergency martial law.”

“Given the grave negative impact on constitutional order and the significant ripple effects of the defendant’s violations, we find that the benefits of upholding the constitution by removing the defendant from office far outweigh the national losses from the removal of a president,” the justice concluded.

At an anti-Yoon rally near the old royal palace that dominates downtown Seoul, people erupted into tears and danced when the verdict was announced. Two women wept as they hugged and an old man near them leapt to his feet and screamed with joy.

The crowd later began marching through Seoul streets. Some people were dressed in cute blue bear costumes, a protest mascot that uses the opposition’s colors.

Outside Yoon's official residence, thousands of supporters cried and screamed when they saw the news of the verdict on a giant TV screen. They waved South Korean and U.S. flags and chanted slogans.

“We will absolutely not be shaken!” a protest leader shouted on stage. “Anyone who accepts this ruling and prepares for an early presidential election is our enemy.”

No major violence was immediately reported.

An election will be held within two months to replace Yoon, but a festering national divide over Yoon’s impeachment will likely continue and could complicate South Korea’s efforts to deal with President Donald Trump’s “America First” policies and North Korea’s expanding ties with Russia, observers say.

Yoon said in a statement issued via his defense team that he deeply regrets failing to live up to the public's expectations, but stopped short of explicitly accepting the verdict. There have been fears he would incite efforts to resist removal, as he earlier vowed to fight to the end.

He added that he will pray for the country and its people. “It has been the greatest honor of my life to serve our nation,” Yoon said.

Yoon’s ruling People Power Party said it would accept the decision, but one of Yoon’s lawyers, Yoon Kap-keun, called the ruling “completely incomprehensible” and a “pure political decision."

Prime Minister Han Duck-soo, the country’s acting leader, vowed in a televised speech to ensure “there are no gaps in national security and diplomacy” and maintain public safety and order. Han was appointed prime minister, the country's No.2 official, by Yoon.

“Respecting the will of our sovereign people, I will do my utmost to manage the next presidential election in accordance with the constitution and the law, ensuring a smooth transition to the next administration,” Han said.

Surveys show Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favorite to win the by-election to choose Yoon's successor. Lee is facing trials for corruption and other charges.

Lee welcomed the ruling and credited the South Korean people for “protecting our democratic republic.”

“The courage of the people who stood in the face of guns, swords and tanks, along with the bravery of troops who refused to obey unjust orders, has led to this great revolution of light,” Lee said.

Martial law lasted only six hours, but left behind a political crisis, rattling financial markets and unsettling the country’s diplomatic partners. In January, Yoon was separately arrested and indicted by prosecutors on alleged rebellion in connection with his decree, a charge that carries the death penalty or a life sentence if convicted.

Under Yoon’s decree, the first of its kind in more than 40 years, hundreds of soldiers were dispatched to the assembly, election offices and other sites. Special operations soldiers smashed windows at the National Assembly and scuffled with citizens gathered to protest, shocking South Koreans and evoking traumatic memories of military rule.

Enough lawmakers, including some from the ruling party, managed to enter the assembly to vote down his decree unanimously.

No major violence occurred during the brief period of martial law, but some senior military and police officers sent to the assembly have testified that Yoon ordered them to drag out lawmakers to block a vote on his decree or to detain his political rivals. Yoon says the troops were deployed to the assembly simply to maintain order.

Yoon, 64, a conservative, was impeached by the liberal opposition-controlled National Assembly on Dec. 14. The assembly accused him of violating the constitution and other laws by suppressing assembly activities, attempting to detain politicians, and undermining peace across the country.

In his final testimony at the Constitutional Court hearing, Yoon said his decree was a desperate attempt to draw public support of his fight against the “wickedness” of the Democratic Party, which had obstructed his agenda, impeached top officials and slashed the government’s budget bill. He earlier called the National Assembly “a den of criminals” and “anti-state forces.”

Some experts say Yoon may have imposed military rule to head off a possible independent investigation into scandals involving his wife, Kim Keon Hee.

Without presidential immunity, Yoon could face other criminal charges, such as abuse of power. He’s the first South Korean president to be arrested or indicted while in office.

Yoon served as prosecutor-general under his predecessor, liberal President Moon Jae-in, before joining the now-ruling party in 2021 following disputes with Moon allies. A public image as strong-minded and uncompromising helped him defeat Lee in the close-fought 2022 presidential election. But after becoming president, Yoon has faced criticism that he refused to replace officials implicated in scandals and vetoed many bills passed by the assembly.

On foreign policy, Yoon pushed hard to bolster South Korea’s military alliance with the United States and overcome long-running disputes with Japan over historical traumas. He said that a greater Seoul-Washington-Tokyo security partnership is essential to coping with North Korea’s growing nuclear threats. Critics of Yoon accused him of unnecessarily provoking North Korea and neglecting relations with China, South Korea’s biggest trading partner.