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Ingevity CEO resigns; 'personal conduct' cited

Engineering
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Michael Wilson resigned as president and CEO of North Charleston-based chemicals company Ingevity late last week, with the company’s board chairman stepping in until a replacement can be found.

Wilson’s resignation is because of “matters relating to his personal conduct,” the company said, and is unrelated to the company’s financial reporting and business performance.

Voicemail and email messages asking the company for further information were not returned by press time.

Wilson joined Ingevity in September 2015.

Ingevity’s board of directors appointed Chairman Richard Kelson as interim president and CEO while the company’s search committee, led by board member Michael Fitzpatrick, finds a replacement for Wilson.

Kelson was named chairman of Ingevity’s board in 2016. He also serves as chairman, president and CEO of New York City-based ServCo LLC, a strategic sourcing business, and he serves on the board of Commercial Metals Co., based in Irving, Texas.

In addition to compensation Kelson receives as chairman of Ingevity’s board, he will receive $225,000 per month to serve as interim president and CEO, according to a filing with the Securities and Exchange Commission. Ingevity will also provide Kelson with temporary housing and air travel, as well as reimbursement for commuting and other out-of-pocket expenses.

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