WEST PATERSON, NJ, Sept. 14, 2004 (BUSINESS WIRE) -- Cytec Industries Inc.'s Board of Directors has elected Shane D. Fleming, president of Cytec Specialty Chemicals, and Stephen C. Speak, president of Cytec Engineered Materials, as company officers. Both Fleming and Speak will continue to report to David Lilley, chairman, president and CEO of Cytec Industries.
According to Lilley, the election of both Fleming and Speak as corporate officers "...serves to further visibly recognize the continuing leadership Shane and Steve have brought to their respective business units and their contribution to the growth of Cytec."
In addition to being named as corporate officers, both executives are also being appointed as members of Cytec's executive committee and will join together with James P. Cronin, executive vice president and CFO, and Lilley to form an expanded committee.
Lilley further stated, "Cytec strives to become a premier specialty chemicals and materials company. Our mission is to enhance shareholder value through double-digit percentage annual growth in earnings per share, while achieving a superior return on equity." He went on to note, "the addition of Shane and Steve to the Executive Committee will provide for increased customer focus and strengthened business unit operational input and will therefore enhance the overall reach and effectiveness of the Executive Committee."
As president of Cytec Specialty Chemicals, Fleming oversees the company's Water and Industrial Process Chemicals and Performance Products business segments. He was appointed to this position in May 2003. He began his career in 1983 as a technical service engineer for American Cyanamid's mineral processing chemicals business in Salt Lake City, UT. Over the next 10 years, he had assignments as a sales engineer and regional metallurgist and in sales management positions. With the formation of Cytec Industries in 1993, he was appointed general manager of Cytec Australia to guide the start-up of this operation. In 1998, he was named vice president for Asia Pacific to lead Cytec's rapidly expanding chemical operations in that region. He was assigned to lead the Phosphine Chemicals business in August 2000 and added responsibility for Mining Chemicals in 2002, while also serving as president of Cytec Asia Pacific. He holds a bachelor's degree in fuels engineering from the University of Utah-Salt Lake City.
Speak joined Cytec in 1993 when the company acquired the structural materials business of BASF. Throughout his career within the aerospace industry, he has held a series of progressively more responsible positions in research and development, product and market management, global sales and marketing management, as well as operations and general management. Before assuming the role of president of Cytec Engineered Materials in January 2002, Speak was vice president and general manager of CEM's America's and Pacific Rim unit where he was responsible for all aspects of the business. He received a bachelor's degree in chemistry in 1979 from Weber State College and an M.B.A. from Utah State University in 1984.
Cytec Industries is a specialty chemicals and materials technology company with sales in 2003 of $1.5 billion. Its growth strategies are based on developing technologically advanced customer solutions for global markets including: aerospace, plastics, industrial coatings, mining and water treatment.
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