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Cytec Elects Chief Operating
Officer and Appoints Specialty Chemicals President.
West Paterson, New Jersey, June 27, 2008 - David Lilley,
Chairman and Chief Executive Officer and the Board of Directors
of Cytec Industries Inc. (NYSE:CYT) announced today the election
of Shane Fleming as President and Chief Operating Officer. In
addition, the Board appointed Frank Aranzana to succeed Mr.
Fleming as President of Cytec Specialty Chemicals.
Mr. Fleming joined the Cytec predecessor company in 1983 in the
Mining Chemicals group, and over the years has taken positions
of increasing responsibility in the USA, Australia, and in the
Asia Pacific region. In 2003 Shane took global responsibility
for Cytec’s specialty chemicals business and then in 2005,
following the acquisition of the UCB chemicals business, he
relocated to Brussels to assume full responsibility for the
combined specialty chemical operations.
Mr. Aranzana joined Cytec Industries as part of the acquisition
of the UCB chemicals business, and most recently has been Vice
President of Cytec Surface Specialties. Frank has significant
global business experience both in the past UCB organization and
also with his previous employers, the Dow Chemical Company and
the DuPont Dow Elastomers joint venture.
David Lilley, Chairman and Chief Executive Officer commented:
“These appointments are designed to further accelerate the
growth of Cytec as a premier specialty chemicals and materials
company. Shane has demonstrated tremendous leadership qualities
in significantly improving our Performance Chemicals business
and turning around the Surface Specialties performance despite
difficult business conditions. Shane will continue to provide
leadership and guidance to Specialty Chemicals but will also
work closely with Steve Speak, President of Cytec Engineered
Materials to support the strong growth in that business while
also gaining greater technology leverage across Cytec. In
addition, the Building Block Chemicals business will report to
Shane”.
Mr. Lilley continued “Frank Aranzana has demonstrated excellent
business acumen with strong marketing and new product
development leadership. Shane and Frank have built a strong
operating team, which will continue to work closely together to
enhance our new product development programs and continue to
improve productivity at all levels so that we can increase our
earnings and returns in both the Surface Specialty and
Performance Chemicals segments”.
Cytec Industries Inc. is a global specialty chemicals and
materials company focused on developing, manufacturing and
selling value-added products. Our products serve a diverse range
of end markets including aerospace, adhesives, automotive and
industrial coatings, chemical intermediates, inks, mining and
plastics. We use our technology and application development
expertise to create chemical and material solutions that are
formulated to perform specific and important functions in the
finished products of our customers.
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