Avient Appoints Michael Frank as CEO Following Ashish Khandpur Exit

Frank assumes control of the Avon Lake, Ohio-based company with a compensation package featuring a $1.22 million base salary, a $1.6 million sign-on bonus, and an annual performance incentive set at 120% of his base pay. While Khandpur vacates his executive and board positions, he will remain with the organization in an advisory capacity through the end of the year to facilitate the handover.

Governance at the firm is also shifting, with longtime board member Richard Fearon stepping into the role of non-executive chairman. Fearon, who has served on the board since 2004 and previously acted as lead independent director, takes the reins of the board as the company maintains its current financial trajectory. Avient confirmed that its third-quarter and full-year financial guidance remains unchanged from the targets established in early August.