#USA #Houston #Ascend Performance #Patrick Schumacher #Phil McDivitt

Ascend Performance Materials Appoints Patrick Schumacher as CEO

In a significant move for the future of Ascend Performance Materials, Patrick Schumacher has been appointed as the new Chief Executive Officer, effective immediately. This transition comes amidst the company’s ongoing financial restructuring efforts and aligns with its commitment to enhancing operational efficiency and profitability. Patrick succeeds Phil McDivitt, who has served as the president and CEO since 2017 and will continue to support the company as a special advisor to ensure a seamless leadership transition.

In his statement, Phil McDivitt reflected on the progress made during his tenure. He highlighted the company’s achievements in scaling its engineered plastics business and improving safety and customer relations. McDivitt expressed confidence in Schumacher's ability to lead the company through its next phase, particularly as it emerges from the Chapter 11 bankruptcy process, which aims to strengthen its financial footing. “Now is the right time to transition leadership,” he noted, emphasizing Schumacher’s proven track record in operational improvements and team leadership.

Patrick Schumacher brings more than 25 years of experience in the chemicals and industrial sectors to his new role. With a rich history of leading global businesses, he has built a reputation for driving strategic transformations and achieving outstanding profitability. Before joining Ascend, Schumacher held the position of corporate vice president at Olin Corporation, where he previously led the Chlor Alkali Products division and successfully navigated the integrated supply chain resulting in record financial performance. His previous experience also includes key executive roles at Celanese Corporation, focusing on engineered materials and strategy.

In his first comments as CEO, Schumacher articulated his excitement about leading Ascend into a new chapter. He recognized the remarkable resilience and dedication of Ascend's employees and expressed his commitment to restoring the company’s financial strength. “Together, we will drive Ascend forward, ensuring we operate safely and continue to meet the evolving demands of our customers,” said Schumacher. He underscored the importance of high-performance materials that contribute to advancements in various industries, such as automotive, energy, and consumer goods.

Ascend Performance Materials, headquartered in Houston, is a key player in producing high-performance materials essential for everyday products and innovative technologies. The firm is dedicated to improving quality of life and inspiring sustainable solutions through its engineered materials. It operates globally, with manufacturing facilities and regional offices across North America, Europe, and Asia, providing solutions essential for safer vehicles, cleaner energy, and better medical devices.

As the company undertakes its financial restructuring, the focus remains on innovation and customer satisfaction. Schumacher's leadership is expected to facilitate this process, leveraging his extensive experience in streamlining complex organizations and fostering collaborative environments that enhance productivity and growth. With the continued support of McDivitt and the Ascend team, the company aims to emerge stronger and more competitive in the marketplace, delivering lasting value to its stakeholders and customers alike.

As Ascend enters this promising new era under Patrick Schumacher’s leadership, industry observers will be keenly watching how the company navigates its restructuring and leverages its strengths in the materials sector to drive sustainable growth and innovation.