Specialty chemicals and materials company Cytec Industries Inc. said Friday it named Shane Fleming as president and chief operating officer.
Fleming, 49, joined Cytec's predecessor company in 1983. He takes over the president post from David Lilley, who remains chairman and chief executive. The COO position is newly created.
The company named Frank Aranzana to succeed Fleming as president of Cytec's specialty chemicals business.
Shares fell $1.69, or 3 percent, to close at $55.10.
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