OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced that Richard Sanders, currently a Director of the Company’s Board, has been named Interim Executive Vice President, Chemical Manufacturing effective September 29, 2015. Mr. Sanders will oversee all plant operations and will report to Daniel D. Greenwell, Interim Chief Executive Officer.
Mr. Sanders said, “Having been a Director of the Board since 2014, I am honored to take on this additional responsibility and join LSB’s leadership team in this transformative period. I look forward to working with the management team and talented employees to continue to execute on our strategies and improve our chemical manufacturing capabilities.”
“Richard is recognized as a leading expert on nitrogen manufacturing and an outstanding addition to our executive management team,” commented Daniel Greenwell, LSB’s Interim Chief Executive Officer. “He has a proven track record of success with world class nitrogen manufacturing operations, including the management of major facility expansion projects. We are confident that his extensive experience will prove instrumental in our efforts to improve the reliability and profitability of our chemical facilities. On behalf of the Board, I would like to welcome Richard and look forward to his leadership as we position our Chemical Business for growth.”
Additionally, LSB announced the resignations of David Goss, Executive Vice President of Operations, and Michael Tepper, Senior Vice President of LSB International Operations.
Mr. Greenwell continued, “The Board and I would like to thank David and Michael for their years of service to LSB. We are grateful for their leadership and contributions and wish them the best in their future endeavors.”
With Mr. Sanders’ appointment, the Company has suspended its previously announced search for a President of the Chemical Business.
About Richard Sanders
Mr. Sanders has been a Director of the LSB Board since 2014. Mr. Sanders is a nitrogen fertilizer manufacturing consultant and is recognized as an expert in his field. Previously, he served as Vice President of Manufacturing of Terra Industries Inc. (“Terra”) from 2003 until the acquisition of Terra by CF Industries Holdings, Inc. in April 2010. On completion of the transaction, he worked on the integration of manufacturing operations, and as Vice President Environmental Health and Safety, Engineering and Procurement. At Terra, Mr. Sanders was responsible for Terra’s six nitrogen manufacturing facilities’ overall operations including production operations, environmental health and safety, project engineering, and technical services. He was also responsible for Terra’s annual capital investment program, including major expansion projects. Mr. Sanders was Plant Manager of Terra’s Verdigris, Oklahoma nitrogen manufacturing complex for nine years prior to his role as Vice President of Manufacturing. Prior to Terra, Mr. Sanders served as Plant Manager at the Beaumont Methanol Corporation 800,000 GPD methanol manufacturing facility and in management and engineering positions for Agrico Chemical Company. Mr. Sanders received a Bachelor of Science degree in Chemical Engineering from Louisiana State University.
About LSB Industries, Inc.
LSB is a manufacturing and marketing company. LSB’s principal business activities consist of the manufacture and sale of chemical products for the agricultural, mining, and industrial markets, and the manufacture and sale of commercial and residential climate control products, such as water source and geothermal heat pumps, hydronic fan coils, modular chillers, large custom air handlers and make-up air units.
Forward Looking Statement
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by use of the words “will”, “believes”, “expects”, “estimates”, “intends”, “anticipates”, “plans to”, “should”, “estimates”, “projects”, or similar expressions, including, without limitation, continuing to execute on our strategies and improving our chemical manufacturing capabilities; improving the reliability and profitability of our chemical facilities; and positioning our Chemical Business for growth and the various factors described in the “Special Note Regarding Forward-Looking Statements,” and the “Risk Factors” contained in our 10-K for the year ended December 31, 2014, and Form 10-Q for quarter ended June 30, 2015. These forward looking statements speak only as of the date of this press release, and LSB expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in LSB’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
