Mr. Patterson will succeed Stephen D. Newlin, current executive chairman and former president and CEO of PolyOne, who has chosen to retire and will not stand for re-election at the May meeting. Richard H. Fearon, vice chairman and chief financial and planning officer at Eaton, will continue to serve as lead director.
"PolyOne would not be the innovative and successful company that it is today without Steve Newlin's strategic vision and leadership," said Mr. Fearon. "We thank Steve for his tireless dedication and contributions to PolyOne over the last 10 years. He has added tremendous value to PolyOne stakeholders, and we wish him all the best as he retires from our Board."
"It has been a privilege to serve PolyOne over the last decade. I would like to thank the Board and our associates for their support, allowing us to transform PolyOne into the premier specialty polymer and solutions provider, adding value to our customers and shareholders," said Mr. Newlin. "I'm also extremely pleased with the Board's selection of Bob Patterson to serve as the next chairman of PolyOne."
Mr. Newlin added, "Since becoming president and CEO and joining the Board in 2014, Bob Patterson has demonstrated the leadership, judgement and acumen required to serve as chairman. The Board and I are very confident in Bob's ability to lead the next phase of PolyOne's specialty transformation."
"I'm very pleased to have been appointed as chairman. I look forward to my ongoing work with the Board to ensure we continue to execute our four-pillar strategy and deliver the results our customers and shareholders have come to expect from PolyOne," Mr. Patterson said.
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. In 2012, he was promoted to executive vice president and chief operating officer, and in 2014 he succeeded Stephen D. Newlin as president and CEO. Before joining PolyOne, Mr. Patterson served in leadership roles at Novelis, Inc., and SPX Corporation, after starting his career at Arthur Andersen LLP.