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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)On January 27, 2021, the Board of Directors (the “Board”) of Stepan Company (the “Company”) increased the size of the Board by one to a total of eight directors and elected Lorinda Burgess as a director. Ms. Burgess was elected to Class III of the Board. The next election of Class III directors will be at the 2022 annual meeting of the Company’s stockholders. The Board also appointed Ms. Burgess as a member of the Board’s Audit Committee, Compensation and Development Committee, Compliance Committee and Nominating and Corporate Governance Committee.
As a director, Ms. Burgess will participate in the Company’s standard non-employee director compensation arrangements described on pages 42-43 of the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on March 20, 2020.
A copy of the press release announcing the election of Ms. Burgess to the Board is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits
(d)Exhibits
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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STEPAN COMPANY |
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Date: January 27, 2021 |
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By: |
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/s/ David G. Kabbes |
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David G. Kabbes |
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Vice President, General Counsel and Secretary |
Exhibit 99.1
Stepan Announces Appointment of New Director
NORTHFIELD, Ill., Jan. 27, 2021 -- Stepan Company (NYSE: SCL) today announced the appointment of Lorinda Burgess as a director of the Company, effective on January 27, 2021.
Ms. Burgess currently serves as Vice President, Finance and Chief Financial Officer, Americas Region of Medtronic Inc. In her over 20-year career with Medtronic, Ms. Burgess has held multiple financial leadership positions covering a range of geographies. Prior to joining Medtronic, Ms. Burgess held key finance and investor relations positions with Marshall Field’s Corporation and BET Holdings Inc.
Ms. Burgess earned a BA in Political Science from the University of Michigan, and an MBA from The Ohio State University. She serves on the Board of Trustees of Hamline University.
“Lorinda is a seasoned finance professional who brings broad operational and strategic experience to our Board of Directors,” said F. Quinn Stepan, Jr., Chairman and Chief Executive Officer of Stepan Company. “We are pleased to add Lorinda’s valuable financial expertise to the Board and we look forward to working with her.”
Corporate Profile
Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection compounds and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.
Headquartered in Northfield, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia.
The Company’s common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com
More information about Stepan’s sustainability program can be found on the Sustainability page at www.stepan.com
Contact: Luis E. Rojo 847-446-7500