Karl Schoene to succeed Tony Parnell as Elevance CEO

Woodridge, Illinois, USA (May 1, 2017) – Elevance Renewable Sciences, Inc., which creates novel, high-performing specialty chemicals from renewable feedstocks, today announced that Karl Schoene will succeed Tony Parnell as Elevance’s Chief Executive Officer. Parnell will transition to Executive Chairman of the board of directors. Both executive appointments are effective today.

“Karl is the right person to take Elevance to even greater success,” said Parnell. “He’s a proven leader with a history of producing strong results and developing effective teams along the way. As a former CEO for two other high-growth companies and with more than 25 years in the specialty chemical industry and related fields, he’s the right CEO for Elevance at this time in our development.”

Today’s announcement is guided by a management succession and transition plan established by the Elevance board of directors in 2016.

As CEO, Schoene’s initial priorities will be to continue the strong sales growth of 2016 and the introduction of innovative commercial products. He takes the reins as the company runs its 180,000 MT world scale joint venture biorefinery with Wilmar International Limited, Asia’s leading agribusiness, at significantly increased rates to meet the growing demand. Located in Gresik, Indonesia, the commercial-scale manufacturing facility is based on Elevance’s proprietary metathesis technology and produces novel specialty chemicals.

“I’m pleased to be leading Elevance during this exciting time for our company,” Schoene said. “Under Tony’s leadership, the company has seen strong sales growth and I’m looking forward to working with him, the board of directors, our leadership team and our employees to continue the positive momentum.”

Schoene has served as President and Chief Technology Officer of Elevance since August 2016. He has been instrumental in unifying the technical and business development activities across the company.

Prior to joining Elevance, Schoene was president and CEO of Accutest Laboratories, a network of labs and service centers across the United States. In that role, he led nearly 700 employees through a major performance turnaround and M&A process, culminating in a sale to SGS, where he continued to lead the acquired business through a successful post-M&A integration. Previously he served as CEO of InEnTec, and prior to that, held several positions at AkzoNobel, Crompton / Witco, Amoco, Albemarle and Ethyl Corporation. He’s also served in board-level and advisory roles to several start-ups in diverse industries, including specialty chemicals, pharma and medical devices. Schoene earned both his B.S. and Ph.D. in chemistry at the University of Virginia.

Parnell will remain on the board and assume the new role of Executive Chairman. In this position, he will support Schoene’s efforts, ensuring continuity of vision, strategy and relationships, and assisting with corporate visibility. Parnell has been with Elevance as CEO since 2015. Parnell previously served as a corporate officer and in multiple executive positions at Albemarle Corporation, a premier specialty chemicals company headquartered in Charlotte, North Carolina. Parnell graduated from Mississippi State University with a Bachelor of Science degree in chemical engineering.

About Elevance Renewable Sciences, Inc.

Headquartered in Woodridge, Ill., Elevance Renewable Sciences, Inc. creates novel, high-performing specialty chemicals from renewable feedstocks using a proprietary Nobel Prize-winning olefin metathesis technology. These chemical building blocks are leveraged in a wide range of applications, including detergents, coatings, personal care, oil field, agricultural chemicals and engineered polymers. Elevance uses a collaborative business model, exploring opportunities to engage with industry leaders, accelerating time to market and leveraging market expertise while enabling its partners to achieve growth through sustainable and higher performing solutions. To learn more, visit www.elevance.com.