The Lubrizol Corp. (Wickliffe, Ohio; www.lubrizol.com) has announced that Eric R. Schnur, currently executive vice president and chief operating officer, has been named president, effective immediately, and will become chairman and chief executive officer on January 2, 2017. James L. Hambrick, the current chairman, president and chief executive officer, having fulfilled his commitment to remain in those roles for five years following Berkshire Hathaway’s acquisition of Lubrizol in 2011, has decided to complete his 38-year Lubrizol career. This transition reflects the company’s long-standing succession planning process. In addition, Greg D. Taylor, senior vice president of corporate strategy and development, will retire later this year.
During the last 14 years, Hambrick has led the transformation of Lubrizol from a $2 billion lubricant additives company to a $7 billion leading specialty chemical company. He expanded the company’s portfolio through numerous strategic acquisitions, the most significant being Noveon International, Inc. in 2004. Hambrick also effectively strengthened the company’s financial position, enabling it to pursue its growth objectives and reinvest in the business to better serve its global customers. Lubrizol’s 2011 acquisition by Berkshire Hathaway was viewed as further validation of the company’s strength and financial performance.
Schnur states, “I am honored by the opportunity to lead such a special company, and I thank James for his confidence in me. James has made significant contributions to the transformation of the company during his CEO tenure and I look forward to building upon this strong foundation, continuing to execute on our strategy and enhancing Lubrizol’s ability to deliver value to our customers in the markets in which we participate.”
Schnur joined Lubrizol in 1989 as a development engineer in the R&D division. He has held a variety of positions across numerous product lines in the Lubrizol Additives and Lubrizol Advanced Materials business segments, including technical and commercial roles, and vice president and general manager. Schnur also has worked at several company facilities, including the Lubrizol Additives site in Singapore, where he led Engine Oils marketing and technical services for Southeast Asia and Australia. He earned his Bachelor of Science degree in chemical engineering from Pennsylvania State University in 1989 and his MBA from Case Western Reserve University in 1994.