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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On February 15, 2024, 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 Susan M. Lewis as a Director. Ms. Lewis was elected to Class II of the Board. The next election of Class II Directors will be at the 2024 annual meeting of the Company’s stockholders. The Board also appointed Ms. Lewis as a member of the Board’s Audit Committee, Compliance Committee, Human Capital and Compensation Committee and Nominating and Corporate Governance Committee.
As a Director, Ms. Lewis will participate in the Company’s standard non-employee Director compensation arrangements described on pages 52-53 of the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on March 20, 2023.
A copy of the press release announcing the election of Ms. Lewis to the Board is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release of Stepan Company dated February 15, 2024
104 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: |
February 15, 2024 |
By: |
/s/ David G. Kabbes |
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David G. Kabbes |
Exhibit 99.1
Stepan Company Announces Appointment of New Director
February 15, 2024
NORTHBROOK, Ill., February 15, 2024 /PRNewswire/ -- Stepan Company (NYSE: SCL) announced today the appointment of Susan M. Lewis as a Director of Stepan, effective on February 15, 2024.
Ms. Lewis spent over 30 years at Dow Inc., a materials science company, and was part of the management team of Corteva, Inc., a global agriculture company, following its spinoff from DowDuPont Inc. Ms. Lewis served as Senior Vice President, Global Operations of Corteva from 2018 until her retirement in 2021, after which she worked as a business and executive consultant through 2023. Ms. Lewis held senior management roles with operations, sustainability and risk management responsibilities and led organizational redesign, mergers and acquisitions and transformation projects.
“Susan brings to our Board of Directors extensive supply chain experience in the chemical manufacturing industry and an understanding of the agricultural industry, a key market for Stepan,” said F. Quinn Stepan, Jr., Chairman of the Board of Stepan. “We are pleased to add Susan’s expertise to the Board and we look forward to her contributions to our Company.”
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 products 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 Northbrook, 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