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The Board of Directors of KMG Chemicals, Inc. (NYSE: KMG), a global provider of specialty chemicals to select markets, announced today that Christopher T. Fraser has been appointed the company’s president and chief executive officer, effective immediately. Fraser, who is chairman of the KMG board, has been serving as interim CEO since late June.
“I am honored that the Board asked me to be KMG’s CEO and lead the next phase of the company’s growth,” Fraser said. “Over the past several months, I have gained a full appreciation for the opportunities that exist for KMG, and today I am excited to assume the role of CEO on a permanent basis. As a board member since 2008, I have a strong commitment to seeing KMG reach its full potential as an organization. As CEO, I will lead our long-range strategic direction while addressing near-term priorities for integration, operational efficiencies and profitable growth,” Fraser said.
“After a thorough executive search that narrowed to several talented candidates, the board unanimously decided that the best person for the job was already serving as interim CEO – and that was Chris Fraser,” said John C. Hunter III, board member and chair of the governance committee. “Even though Chris had declared that he was not a candidate for this post, the Board members nonetheless asked him to reconsider and to take on this responsibility. Chris not only has a deep understanding of our company and our markets, but he also has the strategic vision to drive KMG forward and achieve the company’s full growth potential. Chris has a track record of building successful chemical companies and the Board is confident that his experience and skill set are the perfect match for KMG,” said Hunter.
The Board has also announced that Fraser will remain chairman and that it will appoint a new lead director, independent of management, in the near future. The lead director will be elected from among the board's independent directors to serve as their leader with the purpose of ensuring continuing transparency and accountability in the company’s governance.