Robert M. Patterson will retire from his roles as President and CEO and resign from the Board. He will remain with the Company through May 31, 2024 in an advisory capacity to help facilitate the leadership transition.
Dr. Khandpur joins Avient after nearly three decades at 3M, where he began in R&D and technology roles, ultimately ascending to Chief Technology Officer. He has since led several different 3M businesses, most recently serving as Group President of 3M's Transportation and Electronics Business. This business applies materials science expertise to commercialize products and solutions for a variety of market segments, including automotive, automotive electrification, semiconductors, LCD and OLED displays, consumer electronics, data centers, 5G networks, and transportation safety and generated approximately $8.9B in revenue in 2022.
"Ashish is one of the world's leading experts in polymers and materials, having earned undergraduate and doctorate degrees in chemical engineering at two of the world's leading chemical engineering universities, and then used that knowledge over several decades to help pioneer a host of new products for 3M," said Mr. Fearon. "In addition, as a business leader at 3M he has demonstrated great success in using that expertise to drive sales and profit growth. His passion for leading, innovating, and delivering success is readily apparent and will serve as an excellent fit with Avient's culture."
"During our extensive search process, it became clear to our Board that Ashish is the right person to lead Avient at this stage of Avient's journey," Mr. Fearon added. "Now that Avient's portfolio has been repositioned to be 100 percent specialty materials, Ashish's deep technical expertise and demonstrated commercial success in building and growing businesses makes him the ideal leader to take Avient to the next level of performance."
Dr. Khandpur commented, "I am thrilled to join Avient and build upon the foundation of specialization and operational excellence that was established during the Company's transformative years. Avient is dedicated to solving the materials science challenges of today and tomorrow for customers around the world, and I look forward to leading the next chapter, taking advantage of the significant opportunities that lie before us."