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Eastman Chemical Gives Update on Executive Team

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Update on positional changes

According to a press release from Eastman Chemical (EMN) on December 18, Damon Warmack, senior vice president of corporate development and chemical intermediates, will retire in mid-2019. He has been with Eastman for more than 38 years. Until his retirement, he will continue to work on the executive team as senior vice president of corporate development.

Mark Costa, Eastman Chemical’s board chair and CEO, said, “On behalf of the Executive Team, I want to thank Damon for his significant contributions to Eastman for nearly four decades. He has had an extraordinary career. I am personally very grateful for his pragmatic leadership of Chemical Intermediates, as well as his vital role in the portfolio transformation that has been foundational to executing our strategy to become a leading specialty materials company. Damon’s vast experience, exemplary leadership, strategic thinking and unique perspectives have made him a valuable member of our Executive Team. All of us at Eastman wish him a long and happy retirement.”

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Eastman Chemical also announced that effective January 1, 2019, Lucian Boldea, senior vice president of additives and functional products, will become executive vice president and will also head the chemical intermediates along with his current role. In the third quarter, Chemical Intermediates reported revenue of $703 million, which more or less remained flat year-over-year.

Stock prices

Eastman Chemical (EMN) was up by 1.33% and closed at $71.42. EMN’s peers LyondellBasell (LYB) and Celanese (CE) gained 0.33% and 1.28%, respectively, while Westlake Chemical (WLK) declined by 0.78%. The S&P 500 (SPY) Index remained flat.

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