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Board member Joseph Gingo, Goodyear executive VP, to follow Terry Haines
By Jim Mackinnon
Beacon Journal business writer
Published on Tuesday, Dec 18, 2007
Embattled polymer firm A. Schulman Inc. plucked its new chief executive from the company board: Joseph M. Gingo, one of Goodyear's highest-ranking executives.
The Fairlawn company, which makes plastic compounds and resins, announced late Monday afternoon that Gingo, 63, will become its new CEO as of Jan. 1.
Gingo has been a Schulman director since 2000. He will succeed Terry Haines, a longtime Schulman employee who is retiring as president and CEO as part of an agreement reached recently with a large private-equity shareholder to ward off a proxy contest. As part of that agreement, Schulman said it will explore whether to sell itself off. The company remains in a separate proxy battle with a different shareholder group that wants to elect four of its nominees to Schulman's 12-member board at the annual shareholders' meeting Jan. 10.
Gingo is an Akron native who has worked for Goodyear Tire & Rubber Co. for 41 years. He was the company's point man for the recently announced $890 million corporate headquarters and East Akron redevelopment project. Gingo will retire as of Dec. 31 as the company's executive vice president, quality systems and chief technical officer. In that post, he led Goodyear's global research and development efforts.
Goodyear will announce Gingo's successor Wednesday, company spokesman Keith Price said. Goodyear will fill Gingo's soon-to-be-vacated slot from within, Price said. ''We expect a seamless transition.''
Gingo's departure from Goodyear will not affect the ongoing headquarters project, Price said. Laura Thompson, vice president for business development, will head that effort, he said.
Gingo said he is excited to work with Schulman as its chief executive. The company reported $1.8 billion in annual sales in fiscal 2007 and has about 2,500 employees and 17 manufacturing
plants.
''The company is poised for growth, with the restructuring of our North American operations and the launch of Invision'' a new layered plastic product, he said in a news release. ''I look forward to working with the executive team and all of A. Schulman's employees to continue to deliver high-quality products to our customers and build value for our stockholders.''
In a letter sent to Schulman employees, Haines said that Gingo, who has intimate knowledge of the company and the global polymer industry, is the right person to lead Schulman. He recalled that Gingo's father was a manager at the company's first plant in Akron and was among Haines' first bosses. Haines has been at Schulman for 42 years and has been its president and CEO since 1991. Haines is also chairman of the Schulman board and is up for re-election this year.
''We have made great strides in transforming our business, even in the face of difficult industrywide market conditions,'' Haines said in a prepared statement. ''The board and I believe that Joe is absolutely the right person to lead A. Schulman and build on the progress we have made across our business.''
Goodyear Chairman and Chief Executive Officer Robert J. Keegan said in a statement that under Gingo's leadership, ''Goodyear has assembled an extraordinary team of associates dedicated to supporting our market-driven approach to the business with innovative new products and, by far, the best new-products engine in the industry. A. Schulman will most definitely benefit from his experience and leadership capabilities.''
Gingo was a key member of Goodyear's turnaround team over the past several years, Keegan said.
Gingo has a bachelor's degree in chemical engineering from Case Institute of Technology (now Case Western Reserve University), a law degree from the University of Akron, and an M.B.A. from the Massachusetts Institute of Technology.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Embattled polymer firm A. Schulman Inc. plucked its new chief executive from the company board: Joseph M. Gingo, one of Goodyear's highest-ranking executives.
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