Songwon Industrial Group expands its Board of Directors

Ulsan, Korea – March 22, 2016 – Songwon Industrial Co., Ltd. today announced the election of its Board of Directors (BOD), and reported that the number of directors on the Board has been increased from four to seven.

At Songwon’s 2016 Annual General Shareholders’ Meeting (AGM), held in Ulsan, Korea on March 18, shareholders approved the Board’s expansion. The newly elected Board now comprises three executive members (Maurizio Butti, Hans-Peter Wüest and Choong-Sik Kim) and four non-executive members (Jongho Park, Yung-Ku Ha, Dieter Morath and Gerhard Schlosser).

During the constitutive meeting of the Board, Jongho Park was confirmed as Chairman of the Board, and Maurizio Butti was elected Chief Executive Officer of Songwon Industrial Group. The Audit Committee and the HR Committee were also established within the Board and their members appointed. In addition, the Board of Directors appointed the Executive Committee members.

“At Songwon, we have always placed great emphasis on ensuring good corporate governance and see it as not only essential to maintaining competitive and sustainable operations worldwide, but also to conducting our business with integrity,” said Maurizio Butti, CEO Songwon Industrial Group. “Having a larger Board and clear separation between its responsibilities and those of the Executive Committee will further strengthen the corporate governance of the Group by ensuring greater transparency, controls and accountability. Furthermore, it will enable us to better protect the interests of Songwon’s shareholders and all other stakeholders.”

Songwon’s new Board of Directors

Jongho Park
Chairman of the Board – An interface between the Board and employees, Jongho Park oversees Songwon’s operations, provides the strategic direction for continued growth and spearheads the implementation of plans.

Maurizio Butti
Chief Executive Officer & Executive Board Member – As CEO, Maurizio Butti is responsible for all the Group’s business and day-to-day operating activities, as well as executing strategic direction and overseeing all functions within the organization.

Hans-Peter Wüest
Chief Financial Officer & Executive Board Member – Responsible for Songwon's financial strategy, Hans-Peter Wüest drives performance and manages all the financial aspects of the global organization.

Choong-Sik (CS) Kim
Executive Board Member – As President of Songwon Industrial Co., Ltd., Choong-Sik Kim makes sure that the Group remains fully in line and compliant with Korean laws and regulations, as well as ensuring that all operations are aligned with the organization’s policies and strategies.

Yung-Ku (YK) Ha
Non-Executive Board Member – As Chairman Korea Federation of Banks, Yung-Ku Ha has an advisory role, supporting Songwon’s growth strategy by overseeing the financial drivers of the business and tracking progress against strategic objectives.

Gerhard Schlosser
Non-Executive Board Member – Former President and Representative Director of Schindler Group, Japan, and former Executive Vice-President of Ciba-Specialty Chemicals GmbH, Germany, Gerhard Schlosser shares his vast international experience, provides direction and offers strategical guidance at all levels of the Group.

Dieter Morath
Non-Executive Board Member – Former Executive President Global Sales Songwon Industrial Group, Dieter Morath has turned his attention to guiding the company’s future development, which includes exploring and pursuing both organic and inorganic opportunities that support Songwon’s long term growth strategy.

New Executive Committee

The Executive Committee, led by the CEO is responsible for day-to-day operations globally and comprises:

Maurizio Butti, Chief Executive Officer and Leader of Industrial Chemicals
Hans-Peter Wüest, Chief Financial Officer
Philippe Schläpfer, Leader of Performance Chemicals
Giacomo Sasselli, Leader Operations
Doug Excell, Leader Quality Assurance, Regulatory & Best Practices

For more information on these changes or the Songwon Industrial Group, please see: www.songwon.com.

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