Albemarle Corporation, a prominent global provider of critical materials for mobility, energy, connectivity, and health, has announced the implementation of a new operating structure designed to better align with changing market dynamics. This restructuring aims to enhance the company’s ability to respond to evolving industry demands and improve overall operational efficiency.

Albemarle is transitioning its operating structure from two main global business units—Energy Storage and Specialties—to a fully integrated functional model. This strategic shift is intended to enhance the company's agility in responding to market changes, facilitate significant cost savings, and strengthen its long-term competitive position. The move is part of a broader initiative following a comprehensive review of the company's cost structure and operational practices. By adopting this new model, Albemarle aims to streamline its operations and improve efficiency, ultimately positioning itself for sustained growth and success in a dynamic market landscape.

As part of this restructuring, effective November 1, Netha Johnson, the President of the Specialties Business, will assume the role of Chief Operations Officer. In this capacity, he will report directly to Chairman and CEO Kent Masters and will oversee global manufacturing, research and technology, capital projects, and process chemistry execution. Johnson brings a wealth of experience to this position, having joined Albemarle in 2018 and possessing over 25 years of expertise in global manufacturing, leadership, and general management. His extensive background will be instrumental in driving the company’s operational initiatives and ensuring the successful implementation of the new integrated functional model.

Eric Norris, the President of the Energy Storage Business, will transition to the role of Chief Commercial Officer, continuing to report to Chairman and CEO Kent Masters. In his new position, Norris will be responsible for overseeing enterprise product management, sales, and commercial excellence. He has been with Albemarle since 2018 and brings over 25 years of extensive experience in strategy, corporate development, and general management. His deep expertise in these areas will be critical in driving the company’s commercial initiatives and enhancing its market presence, particularly as it adapts to the evolving demands of the industry. Norris's leadership will play a vital role in ensuring that Albemarle maintains its competitive edge in the marketplace.

"The long-term growth opportunities in our industry are significant, and this new organizational framework positions Albemarle to maximize the advantages of our outstanding resources, extensive global conversion network, and specialized expertise in process chemistry, all while striving for a more cost-efficient operational model," Masters explained. "As the industry evolves, our updated operating structure is intentionally crafted to navigate the complexities of the market landscape, enhance our customer-centric initiatives, and strengthen our foundational capabilities in a cost-effective manner, thereby securing our leadership position in the sector."

Furthermore, the following leaders will report directly to Masters: Effective November 1, Melissa Anderson will take on the role of Chief Transformation Officer, reflecting her current oversight of personnel, strategy, and transformation efforts. Stacy Grant will assume the positions of General Counsel, Corporate Secretary, and Chief Compliance Officer immediately, succeeding Kristin Coleman, who is departing from the company. Grant joined Albemarle in 2023 and previously held the role of Vice President and Deputy General Counsel for Global Corporate Affairs.

Cynthia Lima will continue as Chief External Affairs and Communications Officer while also taking on additional responsibilities for product stewardship. Mark Mummert will become Chief Capital, Resources, and Integrated Supply Chain Officer on November 1, expanding his responsibilities to include resources, joint venture management, customer service, and operational excellence. Neal Sheorey will maintain his position as Chief Financial Officer while also overseeing information technology, global business services, and real estate. Michael Simmons will remain the President of Ketjen, a wholly owned subsidiary of Albemarle.

Albemarle will maintain its reporting of results across its three current operating segments: Energy Storage, Specialties, and Ketjen. During a conference call to review its third-quarter 2024 results, scheduled for November 7 at 8 a.m. ET, the company will offer additional insights into its cost and operating structure, including projected financial impacts.