Avient Corporation announced on October 7, 2026, that its Board of Directors has elected Michael J. Frank as President and Chief Executive Officer, effective immediately. Mr. Frank succeeds Dr. Ashish K. Khandpur, who will step down from his executive role but remain in an advisory consulting capacity through December 31, 2026.
In a related move, the Board elected Richard H. Fearon, the company's Lead Independent Director, as Non-Executive Chairman of the Board.
Mr. Frank, age 62, most recently served as Chief Executive Officer of UPL Corporation Ltd, a global agricultural chemical company. Prior to joining UPL in 2022, he spent 25 years at Monsanto Company, including roles as global Chief Commercial Officer and CEO of Nutrien Ag Solutions. He holds an MBA from the Kellogg School of Management and a Bachelor of Engineering Degree from the University of Saskatchewan.
Regarding compensation, Mr. Frank will receive an annual base salary of $1,222,000. He is also eligible for an annual cash incentive program with a target award equal to 120% of his base salary and a long-term equity incentive opportunity in 2027 equal to 510% of his annual salary. Additionally, he will receive a sign-on cash payment of $1,600,000 and a grant of restricted stock units valued at approximately $5,000,000, which will vest over five years.
The company also disclosed a grant of cash-settled performance units with a target value of approximately $11,400,000. The actual payout will range from 0% to 200% of the target, depending on the company's performance across adjusted earnings per share (weighted 67%) and relative total shareholder return (weighted 33%) over a three-year period ending December 31, 2028.
In connection with the leadership transition, Avient reaffirmed its full year and third quarter 2026 financial guidance previously provided on August 6, 2026. The company intends to release its third quarter 2026 earnings before the market opens on Wednesday, November 4, 2026, followed by a webcast at 8:00 a.m. Eastern Time.
