Mr. Patterson, 41, succeeds Stephen D. Newlin, 61, who will retire as president and CEO and remain executive chairman of the PolyOne Board of Directors. Mr. Patterson has also been nominated for election to the PolyOne Board of Directors at the 2014 Annual Meeting of Shareholders.
Mr. Patterson currently serves as executive vice president and chief operating officer, where he is responsible for developing and executing the annual operating plans and strategic plans to drive growth in revenue, gross margin and operating income.
"I am privileged that the Board has selected me as the next CEO of this great company," said Mr. Patterson. "It is a tremendous honor to continue the remarkable transformation that Steve Newlin envisioned and has successfully executed since 2006. He has demonstrated clear and consistent leadership, which I will build upon in PolyOne's pursuit of continued growth as a specialty company."
Reflecting on his more than eight years as CEO of PolyOne, Mr. Newlin said, "PolyOne's transformation has been an extraordinary and incredibly rewarding achievement - for our customers, employees and shareholders, as well as for me personally. Bob has been by my side during our transformation and is unquestionably the right leader to take PolyOne to even greater heights in the future. As executive chairman, I will look forward to continuing to work closely with him for a seamless transition, as we continue our great progress toward our performance targets for 2015 and beyond."
"With PolyOne's future brighter than ever before, growth being accelerated, and a superb team in place, now is the perfect time for Bob to lead our innovative company. He shares my and our Board's philosophy and strategy, while bringing his own unique perspective and background. Were it not for Bob, our proven management team, and the best ever position of the company, I would not begin this transition at this time," Mr. Newlin added.
Speaking on behalf of PolyOne's Board of Directors, Gordon Harnett, lead director, said, "PolyOne was transformed and now consistently delivers truly exceptional returns to customers and shareholders, thanks to Steve's vision and leadership. We support Steve's decision to transition to the executive chairman role, and are extremely pleased that our succession planning process has identified and prepared Bob to lead the company into the future."
Mr. Patterson joined PolyOne in 2008 as senior vice president and chief financial officer, where he was responsible for global treasury, planning, M&A, accounting, internal audit functions, and investor relations. He also directly oversaw PolyOne's growth initiatives in Asia, leading to record profitability in 2013. In 2012, he was promoted to his current position as executive vice president and chief operating officer, where he has led growth in each of the company's business segments. Before joining PolyOne, Mr. Patterson served in leadership roles at Novelis, Inc., and SPX Corporation, after starting his career at Arthur Andersen LLP.
Mr. Patterson earned his bachelor's degree in business administration and master's degree in accounting from the University of Michigan. Mr. Patterson serves on the University of Michigan Ross School of Business Alumni Board of Governors, the Board of the Great Lakes Science Center, and St. Martin de Porres High School Corporate Work Study Board.
PolyOne will host a conference call with investors and financial analysts to discuss the succession plan on March 12, 2014 at 8:30 a.m. ET. To listen to the live Webcast of the conference call go to www.polyone.com/investor. The call can be accessed via telephone by dialing 1-800-299-9086 (International: 1-617-786-2903) and entering Passcode 96405983. A replay of the conference call will be available beginning at 12:30 p.m. ET on March 12, 2014 by dialing 1-888-286-8010 (International: 1-617-801-6888) and entering Passcode 17240376.