Orion Engineered Carbons shares close lower on Monday, Lorin Crenshaw appointed as Orion’s next Chief Financial Officer

Orion Engineered Carbons SA (OEC), an international supplier of specialty and high-performance Carbon Black, said on Monday that it had appointed Lorin Crenshaw as the next Chief Financial Officer of the Orion group. Crenshaw is to assume the new role on November 4th.

Shares of Orion Engineered Carbons closed lower for the sixth time in the past fourteen trading sessions in New York on Monday. The stock went down 2.92% ($0.48) to $15.95, after touching an intraday low at $15.82, or a price level not seen since October 10th ($15.62).

Shares of Orion Engineered Carbons SA have retreated 36.91% so far this year, following a 1.25% drop in 2018.

Lorin Crenshaw is to succeed Charles Herlinger, who previously said he would step down at the end of this year.

Crenshaw is expected to report to Corning Painter, Orion’s Chief Executive Officer, while joining the company’s executive leadership team.

“After an exhaustive search, I am excited to announce that Lorin Crenshaw is joining Orion. He complements our strong performance-oriented culture, and his impressive reputation for execution and achieving results makes him the right choice to lead our financial organization,” Corning Painter said in a statement.

“He’s joining us at an ideal time, and I’m confident he is the right leader to help us navigate today’s dynamic markets and achieve superior shareholder returns,” Painter added.

Most recently, Lorin Crenshaw served as Vice President and Chief Financial Officer for Albemarle Corporation’s Global Lithium business unit.

Analyst stock price forecast and recommendation

According to CNN Money, the 8 analysts, offering 12-month forecasts regarding Orion Engineered Carbons SA’s stock price, have a median target of $21.00, with a high estimate of $24.00 and a low estimate of $13.00. The median estimate represents a 31.66% upside compared to the closing price of $15.95 on October 14th.

The same media also reported that at least 4 out of 8 surveyed investment analysts had rated Orion Engineered Carbons SA’s stock as “Hold”, while other 4 – as “Buy”.