Dive Brief:
- Westlake Corporation CFO M. Steven Bender announced his intent to retire from the chemical manufacturing company after nearly two decades in the seat, “effective upon the appointment of his successor,” according to a Monday securities filing.
- Westlake also announced it will expand the size of its board of directors to 14 and appoint two new members. Westlake elected its President and CEO Jean-Marc Gilson, as well as Chevron alum Bhavesh Patel to its board.
- The CFO and board announcements came one day before Westlake reported disappointing fourth quarter and full-year 2025 earnings, missing revenue targets as sales in its performance and essential materials segment have continued to decline, according to its earnings release published Tuesday.
Dive Insight:
Bender has served as CFO for the Houston, Texas-based chemical company since 2008, according to his LinkedIn profile. Prior to taking the top finance chair, he served as its VP and treasurer, and has served as a director of Westlake Partners since its formation in 2014, according to a company biography on its website.
Westlake declined to comment beyond its Monday as to whether it had identified a successor for Bender.
Both Patel and Gilson’s terms on the company’s board are slated to begin immediately and are set to expire during Westlake’s annual 2026 shareholder meeting, according to the SEC filing. Patel, who logged a 20-year span at Chevron and who most recently served as president of manufacturing firm Standard Industries, also serves on the board of Air Products Chemicals and the board of directors of the Federal Reserve Bank of Dallas’ Houston Branch, according to the filing.
Patel is expected to serve on the company’s audit, compensation and corporate risk committee, as well as its nominating and governance committee. He will receive a grant of restricted stock units with an aggregate value of $175,000, set to fully vest on Feb. 20, 2027, in association with his appointment to the board.
Gilson, meanwhile, has served as president and CEO for Westlake since June 2024, according to his LinkedIn profile. He will receive no additional compensation related to his appointment to the board.
The CFO’s departure comes as the chemical manufacturer attempts to bolster its profitability as it faces ongoing restructuring costs related to facility closures and other expenses, as well as slumping sales in key segments. For its fourth quarter ended Dec. 31, sales for its PEM segment declined by 12%, due to a 7% slump in sales volume and a 5% decline in average sales price, according to its earnings report.
The company also reported a $1.5 billion net loss for the full year, compared to net income of $602 million for the prior year period. The loss included a $727 million charge related to the write-off of all goodwill associated with its North American Chlorovinyls reporting unit, coming after Westlake announced it would be shuttering operations for certain chlorovinyl production facilities in the region in December, according to a press release at the time.
Westlake is moving forward with plans to improve the profitability of its PEM segment in 2026 — targeting $600 million in EBITDA improvement for the year, CEO Gilson said in a statement included in the release. It’s also expecting to see a sales and earnings benefit this year related to its acquisition of ACI Compounding Solutions, which closed in January — enabling it to expand manufacturing into Portugal, Romania and Tunisia, as well as expanding existing operations in Mexico, according to a press release.
“We are not expecting macroeconomic conditions to be a tailwind to our 2026 goals as global industrial and manufacturing activity remains challenging,” Gilson said in the statement. “However, we are very confident in the ability of our PEM profitability improvement plan to improve earnings in 2026 and we remain well positioned to capitalize on an eventual recovery in global demand.”
