Irving-based global chemical and specialty materials company Celanese Corp. announced that Scott Richardson, currently the company’s chief operating officer, has been appointed chief executive officer and will join the company’s board of directors, effective Jan. 1.

Richardson will succeed Lori Ryerkerk, who is stepping down as chairman, CEO, and director of Celanese at the end of the year. Celanese has elected Edward Galante, an independent director on its board since 2013, as the new chair, effective upon Ryerkerk’s departure.

“The board’s appointment of Scott represents the culmination of a deliberate and thoughtful succession planning process, and we’re pleased to have an executive of Scott’s caliber,” Kim Rucker, lead independent director of Celanese’s board, said in a statement. “The board is looking forward to the long-term success of Celanese under Scott’s direction.”

Extensive management expertise

Over his two decades at Celanese, Richardson has served in a number of key management roles, including chief operating officer, chief financial officer, and leadership positions overseeing Celanese’s leading global Engineered Materials (EM) and Acetyl Chain (AC) businesses. He was very involved in creating and implementing the EM and AC operating models that work together as a strategic pair to create value.

“It’s an incredible honor to be named CEO-elect of Celanese, and I’m grateful to our board of directors for entrusting me with this responsibility,” Richardson said in a statement. “Celanese is known for tenacious execution, even during difficult times, and I am confident we have all the critical components to create value for our shareholders, customers, employees and partners.”

Richardson added that he looks forward to the future of the company.

“I’m fully committed to driving the changes needed in light of today’s challenges, including our relentless efforts to improve our cost structure and drive cash generation,” he said. “By executing our action plan and controlling what we can control, we are working to position Celanese to capitalize on its significant upside potential, resilient free cash flow and long-term value creation.”

Richardson was named EVP and COO at Celanese in November 2023, after serving as EVP & chief financial officer since February 2018. Before that he was senior vice president of the Engineered Materials business since December 2015, where he had global responsibility for strategy, product and business management, planning and portfolio development, and pipeline management.

Richardson was vice president and general manager of the Acetyl Chain since 2011. He joined Celanese in 2005.

Before Celanese, Richardson held various finance, operational and leadership roles at American Airlines.

From the outgoing CEO

Ryerkerk said that her time leading the company has been a memorable one.

“Coming out of retirement to lead Celanese since 2019 as CEO has been the true highlight of my career, and I’m proud of what we’ve achieved together,” Ryerkerk said. “Scott is a proven executive who brings deep expertise across the company’s business and new perspectives to the CEO role. I look forward to seeing what he accomplishes as he works with the team to build an even stronger Celanese.”

Rucker also cited Ryerkerk’s accomplishments.

“On behalf of the board, I also want to thank Lori for her leadership and significant contributions over the last five years. With Lori at the helm, Celanese has navigated challenging macro environments while strengthening its competitive position. We wish her all the best in her next chapter,” Rucker said.

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