J. Neal Butler, KMG Chemicals' (NYSE: KMG ) CEO and president, has resigned from his positions with the company. Effective July 10, Christopher Fraser, KMG's chairman of the board of directors, will serve as interim replacement CEO and president, the company announced today.
Butler has been part of KMG since 2004, when he served as chief operating officer. In 2007, Butler became president and CEO, and also earned a spot on the board of directors. He has served 37 years in the specialty chemical industry, and while he was quoted in the company press release as saying that leaving KMG "is not an easy decision," he also said the time was right for him to move on. "After 37 years in the industry, I look forward to spending time with my family, traveling and doing the things that a CEO’s schedule would not allow," he said.
Executive recruiting firm Russell Reynolds will assist KMG's board of directors in the search for a new CEO. In the meantime, Fraser has acted on the KMG board since 2008, and was appointed chairman of the board in 2012. He looks forward to seeing KMG expand even further, saying in the press release that the company's recent acquisition of OM Group's Ultra Pure Chemicals business "results in a company one-third larger in terms of revenue and with expanded global breadth."