Celanese Corp
For the period ended May 14, 2025. Filed Mar 24, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 14, 2025 · Filed Mar 24, 2025
Contents
Item 1. : Election of Directors
Background
Based on the recommendation of our independent Nominating and Corporate Governance Committee (the “NCG Committee”), our Board of Directors has nominated 13 directors — Bruce E. Chinn, Edward G. Galante, Timothy Go, Kathryn M. Hill, David F. Hoffmeister, Dr. Jay V. Ihlenfeld, Deborah J. Kissire, Michael Koenig, Christopher Kuehn, Ganesh Moorthy, Kim K.W. Rucker, Scott M. Sutton and Scott A. Richardson — each to serve a one-year term expiring at the 2026 Annual Meeting of Shareholders.
At the Annual Meeting, shareholders will have the opportunity to elect these nominees. Unless otherwise instructed, the proxy holders will vote the proxies received by them “for” these 13 nominees. If any of our nominees is unable or declines to serve as a director as of the time of the Annual Meeting, the Board may designate a substitute nominee or reduce the size of the Board. Proxies will be voted “for” any such substitute nominee designated by the Board of Directors.
These director nominees have consented to be elected to serve as directors for the next year and we have no reason to believe that any of the nominees will be unwilling or unable to serve if elected as a director.
The name of each of our nominees for election and certain information about them, as of the date of this Proxy Statement, is set forth below under “Director Nominees,” including the particular qualifications, attributes, skills and experience that led the Board to conclude that each should serve as a director of the Company.
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Governance
| Board Composition and Refreshment | BOARD REFRESHMENT | |
|---|---|---|
| Since 2022, we have: | ||
| The Board and the NCG Committee believe the Board should represent a collection of talented, highly experienced, high-integrity, strategic leaders from a variety of backgrounds with diverse viewpoints, possessing skill sets and experience that bring value to Celanese’s long-term strategy. To that end, the Board and NCG Committee continuously strive to maintain, through thoughtful Board refreshment, an appropriate balance of skills, tenure, and experience. The Board believes that new perspectives and new ideas are critical to a forward-looking and strategic board, as is the ability to benefit from the valuable experience and familiarity with the complexities of our business that longer-serving directors bring. The Board and the NCG Committee regularly evaluate the skills represented on the Board, to support a thoughtful, long-term approach towards optimizing Board composition. | ||
| ● | Elected eight new directors, including our CEO and six highly qualified independent directors, including five of our current director nominees | |
| ● | Completed a Board leadership transition, electing a new Lead Independent Director in 2024, and moving from a Lead Independent Director to an Independent Chair in 2025 | |
| ● | Added increased industry, operational and M&A experience while diversifying skill sets and viewpoints | |
Each of our directors was identified in large part due to the fit of their deep experience with different aspects of our long-term strategy. Effective January 1, 2025, Mr. Richardson was elected to the Board in conjunction with being named CEO and President of the Company. In addition, since the 2024 Annual Meeting of Shareholders, the Board has elected Mr. Chinn, who is a former CEO of a multibillion dollar global chemical company with extensive experience in the chemicals industry, Mr. Kuehn, who is a sitting CFO with extensive experience at multiple multibillion dollar global manufacturing companies, and Mr. Sutton, who is a former CEO of a global chemical company and a former Celanese executive. Their respective elections were part of a long-term and ongoing strategic succession planning process of the Board and the NCG Committee to enhance the Board’s global and end-market perspectives, as well as its ongoing risk management capabilities, given our increasingly complex global footprint and business model. Mr. Chinn, Mr. Kuehn and Mr. Sutton also fulfilled the Board’s and NCG Committee’s goal of bringing additional sitting and recent executives onto the Board to enhance the Board’s multidisciplinary perspectives on issues of current importance to our business and industry. The elections of Mr. Go, who is a sitting CEO of a multibillion dollar company, in 2024, Mr. Moorthy, who served as CEO of a multibillion dollar company until 2024, in 2023, and Mr. Koenig, an accomplished materials industry CEO in 2022, were also a part of this refreshment strategy.
The NCG Committee identified Mr. Koenig, Mr. Moorthy, Mr. Go, and Mr. Kuehn with the assistance of a search firm, Mr. Chinn through Lori Ryerkerk, the Company’s former CEO and Chair of the Board, and Mr. Sutton through Mr. Richardson. The NCG Committee evaluated each candidate through its comprehensive process that includes assistance of its search firm. The NCG Committee and the full Board carefully reviewed the experience, skills and attributes of these individuals, along with those of a number of other qualified candidates identified by the search firm, as well as their independence. After interviews, the NCG Committee and the Board determined to elect Messrs. Koenig, Moorthy, Go, Chinn, Kuehn and Sutton to the Board, effective February 2022, December 2023, February 2024, September 2024, January 2025 and March 2025, respectively, and to recommend their reelection by our shareholders at the 2025 Annual Meeting. Mr. Richardson was identified to serve as CEO, President and director of the Company as part of the Board’s thoughtful succession planning process and regular evaluation of management. See “Director Nominees” for more information on the specific qualifications and experience these, and our other directors, bring to our Board.
Qualifications, Qualities, Skills and Experience to be Represented on the Board
The Board and the NCG Committee require that each director be a recognized person of high integrity with a proven record of success in his or her field and have the ability to devote the time and effort necessary to fulfill his or her responsibilities to the Company. Each director must demonstrate innovative thinking, familiarity with and respect for
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Governance
corporate governance requirements and practices, a willingness to assume fiduciary responsibilities, an appreciation of diversity of backgrounds, experiences and perspectives and a commitment to sustainability and to corporate social responsibility. The NCG Committee uses a variety of methods for identifying and evaluating director nominees and considers candidates who are recommended by Board members, by shareholders, as well as those identified by third-party search firms retained from time to time (including the firm currently retained as described above). The NCG Committee members and other Board members conduct interviews of potential director candidates to assess integral qualities, including the individual’s ability to ask difficult questions and, simultaneously, to work collegially.
The Board considers diversity of race, ethnicity, gender, age, cultural background and professional experience, including experience with customer-facing roles, in evaluating candidates for Board membership and assesses the effectiveness of this policy through the NCG Committee’s annual review of director nominees. The Board believes that its identification and evaluation processes allow it to select highly qualified directors with the qualifications, skills and experience that best support the full Board’s oversight of the Company’s business, strategy and operations.
The Board has identified particular qualifications, attributes, skills and experience that are important to be represented on the Board as a whole, in light of the Company’s current and expected future business needs. These are summarized in the following table.
| Qualifications, Attributes, Skillsand Experience · Characteristics · No. of Nominees | |||
|---|---|---|---|
| & | Relevant senior leadership/C-Suite experience | Senior leadership experience allows directors to more effectively oversee strategic aspects of our global business | 12 |
| Q | Global business experience | Global perspectives on our Board help guide our business, with products manufactured in the Americas, Europe and Asia and operations in over 20 countries around the world | 13 |
| . | Extensive knowledge of the Company’s business and/or the chemical and materials industry | A deep understanding of the Company’s business and/or the chemical and materials industry allows a director to better understand the complex operational, commercial and market issues we face | 8 |
| : | Experience in innovation-focused businesses | Focus on innovation allows directors to better direct our efforts to expand our business though new products and applications | 13 |
| z | Environmental/sustainability experience | Experience with complex environmental regulation and sustainability-focused strategy enables directors to better oversee these areas of opportunity and risk | 9 |
| G | Government/regulatory/geopolitical exposure | Experience navigating complex governmental, regulatory and geopolitical issues gives directors insight into the regulatory obligations and geopolitical challenges that the company may encounter in various jurisdictions | 9 |
| q | M&A and financial transactions experience | A high level of familiarity with M&A, financial matters, capital structures and complex financial transactions allows directors to bring expertise to our capital allocation, M&A and deleveraging strategies in global financial markets | 11 |
| @ | Operational experience | Experience managing the manufacture of many types and kinds of products with high level specifications and in large quantities around the world allows directors to bring valuable perspectives to our business | 9 |
| 6 | Strategic planning experience | Experience with strategy development and planning allows the Board to better evaluate management’s plans and guide the Company | 13 |
| L | Governance / risk management experience | Governance / risk management expertise allows directors to better assess risk and refine and oversee the Company’s policies and processes to manage risk | 12 |
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