During this interim period, Bob Bew will oversee the company, working with the senior management team.
Paul Jennings said, The company is continuing to cooperate with the previously disclosed ongoing investigations by the Department of Justice and the Securities and Exchange Commission relating to the company’s participation in the United Nation’s Oil for Food Program between 2001 and 2003 and related matters. The scope of these investigations and their subject matter has made it increasingly difficult for me to move the business forward as I would like, and I therefore feel it is in the best interests of both the company and me to leave at this time. I am very proud of what we have achieved as a company over the last four years. Innospec today is a strong company with talented and committed employees. It has a bright future and I wish them every success. Jennings intends to concentrate on his non executive roles and spend more time with his young family.
Bob Bew, chairman of the board, said, The Board would like to express their sincere thanks to Paul Jennings for the significant contribution he has made as President and CEO, to the growth of Innospec over the last four years. We all wish him well for the future. Innospec has a strong business, and we remain keenly focused on delivering value for our customers around the world.
The terms of Jennings’s resignation are covered by an agreement between the company and Jennings dated March 20, 2009. Under this agreement, Jennings will receive separation payments and benefits in line with his contract of employment with the company.
