Olin Corp. Names Two New Board Members

Chemicals and ammunition manufacturer Olin Corp. recently appointed Scott Ferguson and W. Barnes Hauptfuhrer as independent directors, increasing the size of its board to 14 directors, the firm announced in a release Monday. The positions are effective immediately. 

“We are pleased to have Scott and Barnes join our board as independent directors,” Olin President, Chief Executive Officer, and Chairman John E. Fischer said in a statement. “As we continue to take actions to enhance our capital structure, accelerate our cost discipline and efficiency efforts, and drive long-term value for all shareholders, we are confident that their expertise will be additive to the board’s ongoing efforts.”

Ferguson founded the New York-based investment management firm Sachem Head Capital Management and also serves as a managing partner. Before he launched the company, he worked for nine years at Pershing Square Capital Management. The new director earned an MBA from Harvard University in 2003. 

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Most recently serving as CEO of Chapter IV Investors LLC, Hauptfuhrer is a director of National Gypsum Company and has occupied a variety of leadership positions at Wachovia and First Union, including co-head of the Corporate & Investment Banking Division at Wachovia. 

In their new roles at Olin, Hauptfuhrer will become a member of the board’s Corporate Governance Committee and Ferguson will serve on the Compensation Committee. Both of the appointees will have positions on the board’s newly formed Operating Improvement Committee. 

Along with the appointments, Olin also said it formed an agreement with Sachem Head, which currently owns 9.5% of Olin’s outstanding stock. The investment management firm agreed to customary voting and standstill provisions. 

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