Oklahoma City-based LSB Industries, Inc. is under new leadership after Dan Greenwell chose not to enter into a new employment agreement and stepped down as Chairman and Chief Executive Officer.
The Board of Directors responded by appointment Mark Behrman, LSB’s current Executive Vice President and Chief Financial Officer to take over as the new President and CEO. He will also join the board immediately.
LSB is a manufacturer of chemical products for the agricultural, mining and industrial markets. It has operations in Cherokee, Alabama as well as El Dorado, Arkansas and Pryor, Oklahoma. LSBU also operations a facility for a global chemical company in Baytown, Texas.
Richard Roedel today was appointed Chairman of the Board of Directors. Additionally, Cheryl Maguire, LSB’s current Vice President of Finance, was promoted to Senior Vice President and Chief Financial Officer.
“We are pleased to welcome Mark and Cheryl into their new roles as CEO and CFO, respectively,” said Richard Roedel, LSB’s Chairman. “The Board of Directors has a strong focus on talent management, and the internal appointments of Mark and Cheryl demonstrate the strength of the existing team. We expect that the promotion of these two experienced company executives will help to ensure a smooth transition into these important leadership roles and drive the continued advancement of the Company’s initiatives to deliver improved financial performance through the increasing reliability of its chemical manufacturing facilities and the continued growth in product sales.
Mr. Roedel continued, “I want to thank Dan for his leadership over the past three years. He led many critical initiatives that have resulted in improved performance of the Company’s three facilities and have positioned LSB well for future improvement in profitability and cash flow. The Board appreciates the progress LSB Industries has made under Dan, and we wish him well in his future endeavors.”
Mr. Behrman has been LSB’s Executive Vice President and Chief Financial Officer since June 2015. He joined LSB in April 2014 as Senior Vice President, Corporate Development. Mr. Behrman had more than 25 years of investment banking experience, prior to joining LSB, and started his career at Paine Webber, Inc. and Drexel Burnham Lambert, Inc. He has been involved with originating, structuring and financing many public and private equity and debt offerings, as well as numerous merger and acquisition and advisory assignments. His industry experience includes chemicals, manufacturing and distribution and business services, among others.
Ms. Maguire has been LSB’s Vice President of Finance since 2016. She joined LSB in November of 2015 as Vice President, Financial Planning and Accounting. She is a strong financial executive who knows the Company well, has worked side-by-side with Mr. Behrman, and is well known to the Board of Directors. As a Certified Public Accountant, Ms. Maguire has extensive experience living and working abroad for such global organizations as LyondellBasell, Petroplus and PricewaterhouseCoopers. She has strong experience in financial planning and analysis, external reporting and GAAP compliance.