Leadership Changes at NewMarket Corporation
NewMarket Corporation (NYSE: NEU) has recently announced significant leadership changes within its finance team. As the business continues to evolve, the Company is preparing for a smooth transition in its financial management. William J. Skrobacz, who has served as Vice President and Chief Financial Officer for the past year, will be stepping down from his role effective December 31, 2024. This move is part of his planned retirement from the Company in 2025.
Career Overview of William Skrobacz
Mr. Skrobacz has been an integral part of NewMarket for over 13 years, holding various finance and accounting positions along the way. His journey began with roles that built a solid foundation for financial leadership, including his time as Senior Manager of Business Assurance, Controller Designate, and Principal Accounting Officer. His broad experience helped him contribute significantly to the Company before his recent promotion to CFO.
Tributes to Skrobacz's Contributions
Teddy Gottwald, the President and CEO of NewMarket, expressed deep gratitude for Mr. Skrobacz’s many contributions to the Company. In an official statement, he said, "Bill has been a great member of our leadership team, and he has excelled in every role he has had at NewMarket. He helped to build and lead our finance and accounting organization." Mr. Gottwald also acknowledged the calm and steady leadership that Mr. Skrobacz has provided, especially during challenging periods.
Farewell and Best Wishes
The appreciation from Mr. Gottwald for Mr. Skrobacz’s work reflects the deep respect held for him within the NewMarket family of companies. As he transitions to retirement, there is a sense of appreciation for the impact he has made over the years.
Introducing Timothy K. Fitzgerald as the New CFO
Transitioning into the role of Vice President and Chief Financial Officer will be Timothy K. Fitzgerald, effective January 1, 2025. Mr. Fitzgerald has been with NewMarket for approximately a decade, beginning his career with the Company as Operations Finance Director. With over 20 years of finance and accounting experience, he has demonstrated his capability in various roles, and was appointed Treasurer and Finance Director in January 2024.
Tim Fitzgerald's Proven Track Record
Mr. Gottwald communicated his excitement regarding Tim’s promotion, stating, "I am extremely excited about Tim stepping into the CFO role. Throughout his time with our Company, Tim has focused on building teams, developing people, and solid financial planning and analysis." His strong financial background and leadership qualities have prepared him well for this pivotal position as NewMarket continues to move forward.
About NewMarket Corporation
NewMarket Corporation operates as a holding company through its notable subsidiaries, including Afton Chemical Corporation, Ethyl Corporation, and American Pacific Corporation (AMPAC). The Afton and Ethyl divisions are known for developing, manufacturing, blending, and delivering chemical additives that enhance the performance of petroleum products. Meanwhile, AMPAC specializes in manufacturing specialty materials predominantly for solid rocket motors utilized in the aerospace and defense sectors. As the Company looks ahead, it remains committed to its workforce, safety protocols, innovative solutions, and its aspirations to positively impact the world.
Frequently Asked Questions
1. When is William Skrobacz's last day at NewMarket Corporation?
William Skrobacz will officially step down on December 31, 2024, as he transitions into retirement.
2. Who will succeed William Skrobacz as CFO?
Timothy K. Fitzgerald will assume the role of Vice President and Chief Financial Officer starting January 1, 2025.
3. How long has Timothy Fitzgerald been with NewMarket Corporation?
Timothy Fitzgerald has been with NewMarket for approximately 10 years, holding various roles before becoming CFO.
4. What are the primary businesses of NewMarket Corporation?
NewMarket operates through subsidiaries that specialize in chemical additives for petroleum products and specialty materials for the aerospace and defense sectors.
5. What is Teddy Gottwald's role at NewMarket Corporation?
Teddy Gottwald serves as the President and CEO of NewMarket Corporation, overseeing its operations and leadership initiatives.
