Chemical maker Albemarle named Neal Sheorey as its new CFO and EVP, effective Nov. 6.
Sheorey previously held various positions at competitor chemical maker Dow for more than 20 years. Most recently, he served as VP of Dow’s Coatings & Performance Monomers business unit. Sheorey also held roles as Dow’s VP of investor relations, senior director of corporate development and global finance director of the chemicals business group.
"Neal's management and financial experience, coupled with his experience in global and capital-intensive environments, will be valuable additions to our leadership team," Albemarle CEO Kent Masters said in a statement.
Albemarle’s former executive EVP and CFO, Scott Tozier, became a strategic advisor to the CEO. Prior to joining Albemarle in January 2011, Tozier had a 16-year career at Honeywell International.
"Scott's steady leadership, strategic market knowledge and extensive financial acumen have driven Albemarle's growth strategy for more than a decade," Masters said. "Most importantly, Scott's enduring commitment to our core values and his unwavering belief in Albemarle's mission and vision are distinguishing characteristics that will continue to serve the company in this new advisory role."
Sheorey has a yearly base salary of $600,000, with a $300,000 sign-on bonus, according to Albemarle's Oct. 26 SEC filing. Tozier's salary will change to $120,000 a year Jan. 1.
