Including the mining and refining of metals, chemical producers, and forestry products, the basic materials sector covers a wide range of industries and is experiencing volatility due to low commodity prices. The highest-paid executives in the sector lead the larger chemical companies, which have thrived in recent years.
Dow Chemical Chairman and CEO, Andrew Liveris
Born into a Greek migrant family in Australia, Andrew Liveris began his career at Dow Chemical Co. (NYSE: DOW) in 1976 in Melbourne. Now recognized as a global business leader, he has held roles in manufacturing, engineering, sales, marketing, and business and management all around the world. Since becoming the multinational chemical corporation’s chief executive officer (CEO) in 2004, Liveris has overseen several major acquisitions. In 2008, not long after announcing a $16 billion deal to buy specialty chemical company Rohm and Haas, the Great Recession forced him to cut the company's dividend.
Liveris successfully guided his company through the financial crisis, benefiting greatly from the boom in oil and gas. Just after announcing a $130 billion merger between Dow and rival company E. I. du Pont de Nemours and Company (NYSE: DD), Liveris announced his plan to retire in 2017. On top of his $26.6 million salary, he is set to receive nearly $53 million in severance compensation following the merger.
Praxair Chairman, President and CEO, Stephen Angel
Stephen Angel has been the CEO of Praxair, Inc. (NYSE: PX), an $11 billion industrial gases company with 27,000 employees in 50 countries, since 2007. The company produces, sells and distributes atmospheric, process, and specialty gases and high-performance surface coatings. He joined the company in 2001 as executive vice president after spending 22 years in a variety of management positions at General Electric Co (NYSE: GE). His close ties to GE enabled Angel to arrange a joint venture with GE Aviation, announced in January 2016, expanding Praxair's footprint with a new coatings plant in the southeast U.S. Angel receives an annual compensation package valued at $19.7 million.
Alcoa Chairman and CEO, Klaus Kleinfeld
Klaus Kleinfeld joined Alcoa, Inc. (NYSE: AA) in 2007 as its president and chief operating officer (COO), assuming responsibilities as the company’s CEO in May 2008. Since taking the helm, Kleinfeld has put a plan into motion to reduce the company’s reliance on commodities, transforming it into a global leader in lightweight materials and improving its reputation for manufacturing innovation.
In September 2015, the company announced its plans to split into two publicly traded companies in 2016, one focusing on Alcoa’s upstream businesses, and the other comprising the company’s value-add mid- and downstream businesses. Kleinfeld is set to become CEO of the new entity and remain as chairman of Alcoa throughout the transition period. His compensation package from Alcoa is valued at $18.2 million.
Ecolab Chairman and CEO Douglas Baker
Doug Baker joined Ecolab, Inc. (NYSE: ECL) in 1989, holding various management positions in the United States and Europe, including vice president and general manager of Kay Chemical Co, a division of Ecolab. Headquartered in St. Paul, Minnesota, Ecolab provides water, hygiene and energy technologies and services to the food, energy, health care, industrial and hospitality markets. The company has 47,000 employees worldwide and reports annual sales of $14 billion. Ecolab’s CEO since 2004, Baker is paid an annual salary of $15.5 million.
Huntsman Corp. President and CEO, Peter Huntsman
The son of renowned industrialist Jon Huntsman Sr., Peter Huntsman is the president and CEO of Huntsman Corp. (NYSE: HUN), the company his father founded in 1970 as a manufacturer of plastics packaging. Peter Huntsman joined the company in 1983 and has been CEO of the Texas-based company since 1994. Under his leadership, Huntsman Corp. has grown to employ 16,000 worldwide with annual sales of over $12 billion.
Huntsman’s Corporation’s growth has come from a series of acquisitions since Peter Huntsman took over as CEO, namely Texaco Chemical 1994, Imperial Chemical in 1999 and Rockwood Holdings in 2014. Peter Huntsman receives an annual compensation package valued at $15.2 million.
Blogger Comment
Facebook Comment