New CEO Announced for Lotte Chemical UK Ltd

Mr NY Lee, CEO of Lotte Chemical UK Ltd has elected to retire from Lotte and will do so at the end of February 2012. It is announced that Mark Kenrick, currently Business Director will take over as CEO of LCUK with immediate effect. Mark has worked in the PET / PTA Business for nearly 20 years and has previously held Senior Management and Director roles within La Seda de Barcelona / Artenius; Advansa / DuPontSA; DuPont and ICI as well as with Elementis Chromium.

Mark, along with Jack Hwang and Gary Conroy will form the Executive Leadership Team of LCUK and will respond to the Board Of Directors.

There will also be some changes in Senior Management alignment and responsibilities arising from Mark becoming CEO and these are:-

• In addition to becoming CEO Mark Kenrick will retain his PTA & PET Commercial leadership role
• JK (Jack) Hwang will become Chief Finance & Admin Officer (CFAO) adding responsibility for HR, IT & IS to his Finance and Strategic Planning leadership roles and will retain responsibility for strategic sourcing of raw materials
• Gary Conroy will become Chief Operations Officer (COO) adding responsibility for Logistics, Customer Service and sourcing (excl raw materials) to his manufacturing, HSE and technical leadership roles

Mr Kenrick said “I am deeply honoured to be the first non Korean CEO of an overseas subsidiary company to have been chosen by Lotte” and continued, “we will do our utmost to ensure that the faith shown in us by Lotte in 2010 is repaid with a sustainably successful business and the delivery to time and budget of our new PET Plant.”

We’d like to thank Mr Lee for his contribution to the start up of the LCUK business from January 2010 to the present date and wish him and his wife the best of health for a long and enjoyable retirement.

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