Albemarle Announces New Operating Structure to Increase Agility, Drive Cost Efficiencies and Maintain Long-Term Competitiveness

Company Restructuring - Albemarle Corporation announced a new operating structure transitioning from two core global business units (Energy Storage and Specialties) to a fully integrated functional model to increase agility, deliver significant cost savings, and maintain long-term competitiveness [1] - The restructuring is part of the company's comprehensive review of its cost and operating structure [1] - Effective Nov 1, Specialties Business President Netha Johnson will become chief operations officer, overseeing global manufacturing, research and technology, capital projects, and process chemistry execution [1] - Energy Storage Business President Eric Norris will become chief commercial officer, overseeing enterprise product management, sales, and commercial excellence [1] Leadership Changes - Melissa Anderson will become chief transformation officer, reflecting her current oversight of people, strategy, and transformation [2] - Stacy Grant will become general counsel, corporate secretary, and chief compliance officer, succeeding Kristin Coleman [2] - Cynthia Lima remains chief external affairs and communications officer and will add oversight responsibility for product stewardship [2] - Mark Mummert will become chief capital, resources, and integrated supply chain officer, with expanded responsibility for resources, joint venture management, customer service, and operational excellence [2] - Neal Sheorey remains chief financial officer and will add oversight responsibilities for information technology, global business services, and real estate [2] - Michael Simmons remains president of Ketjen, a wholly owned subsidiary [2] Financial Reporting and Updates - Albemarle will continue to report results across its three existing operating segments: Energy Storage, Specialties, and Ketjen [3] - The company will provide a further update on its cost and operating structure, including estimated financial impacts, during a conference call to discuss its third-quarter 2024 results scheduled for Nov 7 at 8 am ET [3] Industry and Company Outlook - The long-term growth potential of the industry is significant, and the new structure enables Albemarle to take greater advantage of its world-class resources, global conversion network, and process chemistry expertise while driving to a lower-cost structure [2] - The new operating structure is designed to flex with the complexities of the markets, improve customer centricity, and cost-effectively strengthen core capabilities to maintain the company's leadership position [2]