Singhal succeeds Julie Schertell who has stepped down as president and CEO, and as a director of the specialty materials company.
Singhal has previously served as CEO of Galata Chemicals and Chroma Color, and has held roles of increasing responsibility at global businesses including DSM, General Cable, Solenis, Ashland, The Dow Chemical Company, Rohm and Haas, Cognis (now BASF) and Henkel.
“Mativ has a strong core business with innovative and differentiated specialty materials products and strategic initiatives in place to enhance profitability and drive growth,” said Dr Kimberly E Ritrievi, chair of the board of directors. “We recognize the need to accelerate the pace of execution, lower costs, improve cash flow and reduce leverage. Shruti brings decades of experience leading corporate turnarounds and a track record of driving strong financial and operating performance in global industrial organizations. We are confident Shruti is the right person to drive the business forward with urgency and ensure the company reaches its full potential.”
Singhal said: “I am excited by the opportunity to lead Mativ at this important stage for our company. With an enhanced focus on continuing to execute our strategy and drive operational excellence, supported by a talented global team, we will accelerate our turnaround efforts and position Mativ for improved results and sustainable value creation.”
Dr Ritrievi added: “On behalf of the board, I would like to thank Julie for her leadership and dedication to Mativ since the formation of the company more than two years ago. As the company’s first CEO, Julie was instrumental in repositioning the portfolio and implementing cost and footprint reductions to help position Mativ for its next phase of growth. We wish Julie all the best in her future endeavors.”
Schertell said: “Leading the Mativ team throughout this transformative period has been incredibly rewarding, and I am very proud of all that the team has accomplished over the past few years. I believe Mativ is well-positioned to build on the momentum we have created.”
Mativ has taken a number of recent actions to reduce its cost structure in light of the current operating environment, including reducing non-operating costs by over USA$20 million in 2024. To accelerate these efforts, the company has launched a comprehensive review of its cost structure to identify further savings actions available to Mativ to enhance profitability.
