Albemarle Corp., a prominent manufacturer in the specialty chemicals sector and a leading producer of lithium—integral in electric vehicle batteries—recently announced a leadership shift in its legal department. The company has named Stacy Grant as its new general counsel, chief compliance officer, and corporate secretary. Grant, who has prior legal experience with organizations such as Honeywell International Inc., steps into the role following her tenure as vice president and deputy general counsel for global corporate affairs at Albemarle since last year, according to the company’s statement.
This change comes in the wake of the resignation of Kristin Coleman, the outgoing general counsel, a shift set to take effect on November 4. Her departure qualifies as a “qualifying termination” under the company’s executive severance policy as documented in a recent securities filing. Coleman is not leaving empty-handed and will receive post-separation benefits. Notably, her exit is unrelated to any ethics-related issues involving Albemarle.
Albemarle is also transitioning from its two core global business units—energy storage and specialties—into a more integrated operating structure aimed at enhancing agility and optimizing costs. This strategic shift comes nearly a year after a noteworthy compliance concern where the company settled for $218 million with the US Department of Justice and the Securities and Exchange Commission over violations of the Foreign Corrupt Practices Act. Albemarle was advised by King & Spalding and Miller & Chevalier in self-disclosing these violations and resolving the matter, detailed in coverage by Bloomberg Law.
Compensation perspectives reveal that Coleman earned close to $2.6 million in 2022, following a more substantial remuneration exceeding $3 million in the previous fiscal year. Furthermore, she is entitled to nearly $2.4 million following her departure. Looking ahead, Albemarle’s restructuring initiatives and recent legal leadership changes, especially in light of recent US government support for domestic lithium production, mark a significant operational evolution for the company.
For further reading, the original article provides additional details on Albemarle’s strategic steps and leadership changes.