The Board of Directors of KMG Chemicals, Inc. (NYSE: KMG), a global provider of specialty chemicals to select markets, announced today that J. Neal Butler, current president and chief executive officer, has decided to resign as an officer and director of the company, effective July 10. Christopher T. Fraser, chairman of KMG’s board of directors, has been appointed interim president and CEO to lead the company until a successor is in place.
Executive recruitment firm Russell Reynolds, as a part of its ongoing service to KMG, is assisting the board in the CEO search, a process which is expected to be completed expeditiously. Fraser has removed himself as a candidate for this search and will continue as chairman of the board.
Butler joined the company in 2004 as chief operating officer and in 2007 was named president and CEO and member of the board of directors. “Leaving this company I have helped build is not an easy decision, but the time is right for me to move on. After 37 years in the industry, I look forward to spending time with my family, traveling and doing the things that a CEO’s schedule would not allow,” said Butler. “Our corporate strategy is firmly in place, our latest acquisition has been completed and integration is progressing well. I will always support KMG and I leave fully confident that continued success lies ahead.”
As the board’s chairman, Fraser expressed the board’s appreciation to the outgoing CEO. “Under Neal Butler’s leadership, KMG’s revenues grew from $44 million in fiscal 2004 to $273 million in the last fiscal year,” said Fraser. “He accomplished important objectives during his nine years here, and I join the entire board of directors in thanking Neal for his major contributions to the growth and success of KMG Chemicals. We wish him only the best in this new chapter of his life.”
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