Tronox boss retires from chemicals firm

CHIEF EXECUTIVE HAD STEPPED ASIDE WHEN NAMED IN INSIDER TRADING INVESTIGATION

THE chief executive of global chemicals firm Tronox has retired, having stepping aside when he was named in an insider trading investigation. Jeffry Quinn led the acquisition of Cristal by the titanium dioxide giant, bringing the South Humber Bank into the US multinational’s portfolio. He withdrew from his role - which included sitting as chair of the board - over Christmas, after becoming embroiled in an investigation and subsequent court case relating to a previous role in another company.

John Romano and Jean-Francois Turgeon, who stepped up as co-chief executives on an interim basis, have had their appointments made permanent.

Ilan Kaufthal has been elected chairman

Mr Kaufthal said: “John and JeanFrançois have extensive combined leadership and operational experience in the pigment and mining industries, including many years at Tronox. Their demonstrated ability to lead as coCEOs over the last two-and-a-half months reinforces the board’s confidence in their ability to continue to successfully execute on the Company’s long-term strategic plan.

“They possess the right mix of skills and leadership capabilities that led the Board to determine that the co-CEO structure, with John and Jean-François at the helm, is the best path forward for the company and its stakeholders.” Tronox’s Stallingborough plant is the flagship European operation. The pair have targeted a 15 per cent uplift this year as it closes in on £2 billion sales as the success of the Cristal integration has exceeded expectations.

On Mr Quinn’s visit to the UK he had highlighted the plant as “ripe for growth and expansion”.