Avient Corporation has announced a leadership transition with Dr. Ashish K. Khandpur set to take the helm as President and CEO starting December 1, 2023. The company's Board of Directors has elected Dr. Khandpur, who brings a wealth of experience from his tenure at 3M (NYSE:MMM), where he notably led the Transportation and Electronics Business division, generating significant revenue last year.
Dr. Khandpur will be succeeding Robert M. Patterson, who will retire from his current roles but remain in an advisory capacity until May 31, 2024, to facilitate a smooth transition. Richard H. Fearon will step into the role of Non-Executive Chairman, commending Dr. Khandpur's technical knowledge and successful commercial track record.
During his career at 3M, which began in 1995 as a senior research engineer, Dr. Khandpur rose through the ranks to become Chief Technology Officer, overseeing a team of over 8,000 scientists and engineers and managing an annual R&D investment close to $1.9 billion. His educational background includes degrees in chemical engineering from the Indian Institute of Technology Delhi and the University of Minnesota.
Fearon expressed gratitude for Patterson's decade-long leadership, during which he transformed Avient into a company focused entirely on specialty materials. Dr. Khandpur is expected to further drive Avient's specialization and operational excellence.
Avient Corporation is known for its specialized and sustainable material solutions, including products like Dyneema® and technologies that contribute to product recyclability and sustainable infrastructure solutions. The company holds an ACC Responsible Care® certification, is a founding member of the Alliance to End Plastic Waste, and is recognized as a Great Place to Work®.
Dr. Khandpur also serves on the Board of Directors of Constellation Energy Corporation and on the Dean's Advisory Board for the College of Science and Engineering at the University of Minnesota, highlighting his extensive involvement in both industry and academia.
InvestingPro Insights
As we delve into the financial landscape of Avient Corporation (AVNT), InvestingPro provides some insightful data and tips. The company, with a market cap of $2930M USD, has been noted for its consistent dividend growth, having raised its dividend for 13 consecutive years. This stability is further reflected in its low P/E ratio of 4.94, suggesting a relative undervaluation compared to its near-term earnings growth.
InvestingPro's real-time data also reveals that Avient's revenue for the last twelve months as of Q3 2023 is $3214.2M USD, despite a slight downward trend of -5.84%. The company's gross profit for the same period stands at $965.6M USD, with a gross profit margin of 30.04%.
From an InvestingPro Tips perspective, it's worth noting that Avient's net income is expected to grow this year, and the company has been profitable over the last twelve months. However, investors should be aware that seven analysts have revised their earnings downwards for the upcoming period.
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