MUTTENZ, Switzerland — Clariant and SABIC have signed a governance agreement that determines the principles of Clariant’s future governance, defines SABIC’s position as a strategic anchor shareholder and confirms Clariant’s independence as a publicly listed company under Swiss corporate governance. SABIC recently completed the purchase of a 24.99 % stake in Clariant.
At the Extraordinary General Meeting scheduled for Oct. 16, 2018, it will be proposed to expand the Clariant Board of Directors to 12 members of which four board members to be nominated by SABIC. It will also be proposed that Hariolf Kottmann will become the new Chairman of the Board, succeeding Rudolf Wehrli. Kottmann will resign from his position as Clariant CEO on Oct. 16, 2018. SABIC’s current Specialties Executive Vice President Ernesto Occhiello has been appointed the new CEO of Clariant, effective Oct. 16, 2018.