LONDON, Jan 19 (Reuters) - The board of Swiss speciality chemicals maker Clariant has proposed adding BP Chair Albert Manifold to its ranks at its annual general meeting on April 1, Clariant said on
Clariant Proposes BP Chair Albert Manifold for Board Membership
Clariant Board Changes and Strategic Moves
LONDON, Jan 19 (Reuters) - The board of Swiss speciality chemicals maker Clariant has proposed adding BP Chair Albert Manifold to its ranks at its annual general meeting on April 1, Clariant said on Monday.
Proposed Board Members
The board also proposed the re-election of Chair Ben van Beurden, former CEO of Shell.
Financial Strategies
Clariant, whose chemicals are used in smartphone and electric vehicle production, is reducing spending through job cuts, production facility closures and procurement reductions to bolster its margins as it waits for a meaningful rebound in demand.
Legal Challenges
The Swiss firm has rejected allegations by BP Europe and an ExxonMobil subsidiary, which are seeking damages for breaching competition law in the ethylene purchasing market.
(Reporting by Shadia Nasralla; Editing by Susan Fenton)
