Spartech Corp. has named Victoria M. Holt its new president and CEO Wednesday, replacing Myles Odaniell, who led the plastics company since January 2008.
Odaniell also has left Spartech's board of directors, said Randy Martin, the company's chief financial officer.
Holt's appointment is effective immediately. Her 30-year career includes executive positions at PPG Industries, Monsanto and Solutia. Holt, 52, joined Spartech's board of directors in April 2005.
Reached at his home, Odaniell, 50, declined to comment about his departure, referring calls to Spartech.
Odaniell, a former CEO at Chemtura, a plastics additives company based in Connecticut, was hired to lead a turnaround at Spartech.
In a statement, Spartech Chairman Ralph Andy said Odaniell served as a change agent during his tenure at the company, who responded swiftly to the recession and strengthened Spartech's balance sheet.
"Holt's appointment is an important step in completing the restructuring," Andy said in the statement. "We believe her experience in executing strategic change in customer focused manufacturing businesses and her proven commitment to operational excellence will generate the greatest benefits for our customers, employees and shareholders."
Holt's appointment came on the same day Spartech reported a loss of $3.9 million for the third fiscal quarter ended July 31, 2010, compared to a profit of $1.5 million in the third quarter last year. Net sales rose 17 percent to $269.6 million.
Clayton-based Spartech has facilities in North America and France, including two plants in Cape Girardeau.
