Chemical Giant Syensqo Shakes Up Leadership Amid Industry Headwinds

Appointed to lead Solvay in 2019, Ilham Kadri orchestrated the transformation of the group until its split into two separate entities at the end of 2023, Syensqo and Solvay. She now considers her mission accomplished. "My mission was to de-risk Solvay’s split, which is now done," she said, adding that "one must have the wisdom to leave when the right people are ready to take over the torch."

Her successor, Mike Radossich, is a veteran of the group, credited in particular with the turnaround of the Novecare subsidiary. As the new CEO, he has announced that he wants to focus on performance and growth. His strategy includes an "optimization" of the division he currently leads, which could involve divestments in the oil, gas and flavors sectors.

This change in leadership comes in a difficult context for the European chemical industry. Since its IPO, the value of the Syensqo share has declined, penalized by the slowdown of its main customers, such as the automotive and aerospace sectors.

However, Ilham Kadri was keen to put these difficulties into perspective, stressing that Syensqo had the "strongest balance sheet in its sector" and was "in the top 3 of the stock market performance of specialty chemicals over the last 12 months." After her departure, she will retain a role as "special advisor" to ensure the transition, which will give her the freedom to explore other professional opportunities.