On March 30, 2012 Philip Verges resigned as Chairman of the Board. The resignation was executed in conjunction with a private transaction in which the Series K Preferred stock , previously under Mr. Verges' control, was sold to a third party. The Series K Preferred stock controls fifty-one percent of the NewMarket common stock voting rights. The March 30th resignation and change of control transaction was executed in conjunction with a strategic business plan update previously announced on October 20, 2011. The Series K Preferred stock was purchased by The Barclay Group.