KINGSPORT, Tenn. - Eastman Chemical Company (NYSE:EMN), a global specialty materials producer, announced the appointment of Donald Slager to its Board of Directors. Slager is recognized for his extensive experience in the environmental services industry, particularly as the former CEO of Republic Services (NYSE:RSG), Inc.
Slager's career in environmental services spans over four decades, beginning in 1980 at Waste Management (NYSE:WM), Inc. He later joined Republic Services in 2008 and became CEO in 2011, a role he held until his retirement in 2021. His tenure at Republic Services was marked by significant growth for the company, which is known for its commitment to sustainability and environmental stewardship.
Eastman's CEO and Board Chair, Mark Costa, expressed his enthusiasm for Slager's addition to the board, citing his expertise and leadership as invaluable assets that align with Eastman's vision of advancing a circular economy for its products and solutions.
The appointment comes as Eastman, founded in 1920 and headquartered in Kingsport, Tennessee, continues to focus on innovation-driven growth across various markets, including transportation, building and construction, and consumables. With a workforce of approximately 14,000 employees worldwide, Eastman serves customers in over 100 countries and reported revenue of around $9.2 billion for the year 2023.
In addition to his new role at Eastman, Slager serves on the board of Martin Marietta Materials (NYSE:MLM), Inc., a prominent supplier of construction aggregates and heavy building materials.
InvestingPro Insights
As Eastman Chemical Company (NYSE:EMN) welcomes Donald Slager to its Board of Directors, the company's financial health and strategic maneuvers remain a focal point for investors. Eastman Chemical, with a robust market capitalization of $11.85 billion, showcases a commitment to shareholder returns, as evidenced by its aggressive share buyback strategy and a commendable track record of raising its dividend for 14 consecutive years.
Investors may find comfort in the company's relatively low price-to-earnings (P/E) ratio of 12.89, which suggests that the stock could be undervalued relative to near-term earnings growth. This is further reinforced by the company's PEG ratio for the last twelve months as of Q1 2024, standing at a modest 0.34, indicating potential for future earnings growth relative to its share price.
With a dividend yield of 3.29% as of March 2024, Eastman's financials are appealing to those seeking steady income streams. Moreover, the company's low price volatility aligns with its longstanding dividend history, providing a sense of reliability in an often unpredictable market.
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