Ingevity appoints David Li as new CEO

NORTH CHARLESTON, S.C. - Ingevity Corporation (NYSE:NGVT), a global specialty materials supplier with a market capitalization of $1.6 billion, announced the appointment of David H. Li as its new president and CEO, effective April 7, 2025. According to InvestingPro data, the company’s stock has shown strong momentum with a 44% gain over the past six months. Li, who brings over 25 years of industry experience, is slated to join the board of directors post the 2025 Annual Meeting. He succeeds Luis Fernandez-Moreno, who has served as interim president and CEO since October 2024.

Li’s appointment comes after a tenure as CEO and president of CMC Materials, Inc., where he was credited with delivering a four-fold stockholder return and achieving a record revenue of $1.2 billion. His leadership reportedly resulted in an adjusted EBITDA margin of 30 percent, placing CMC Materials in the top tier of its industry peers. Li joins Ingevity at a crucial time, with InvestingPro analysis indicating the company is currently undervalued, despite facing profitability challenges in the last twelve months.

Jean Blackwell, Ingevity’s board chair, commended Li’s track record of driving successful corporate transformations and his strategic execution capabilities. Blackwell also expressed gratitude to Fernandez-Moreno for his interim leadership, which included strategic initiatives that improved Ingevity’s operational performance and cash flow. The company currently maintains a healthy current ratio of 1.87 and generated $374.6 million in EBITDA, with analysts projecting a return to profitability this year.

Ingevity, headquartered in North Charleston, South Carolina, operates in over 31 countries with approximately 1,600 employees. The company’s portfolio includes Performance Materials, Advanced Polymer Technologies, and Performance Chemicals, serving various applications such as adhesives, agrochemicals, and automotive components.

The press release also contained forward-looking statements regarding the potential benefits of the leadership transition, which are subject to risks and uncertainties detailed in Ingevity’s SEC filings.

This leadership announcement is based on a press release statement from Ingevity Corporation.

In other recent news, Ingevity Corporation has reported record sales and EBITDA for its Performance Materials segment in 2024, with margins exceeding 50%. This achievement is attributed to new pricing strategies and operational efficiencies. The company anticipates net sales of approximately $1.40 billion for fiscal year 2024, aligning with consensus forecasts, and expects an adjusted EBITDA of around $360 million. Ingevity’s Performance Chemicals segment has undergone strategic repositioning, aiming for higher profitability by exiting lower-margin markets and optimizing costs. The company also announced a strategic review of its business portfolio, focusing on higher growth opportunities, particularly within its Performance Chemicals Industrial Specialties product line and North Charleston CTO refinery.

BMO Capital Markets recently upgraded Ingevity’s stock rating from "Market Perform" to "Outperform," raising the price target to $65. This change reflects an optimistic outlook on Ingevity’s financial performance, supported by expected improvements in earnings per share and free cash flow. The presence of activist investor Vision One has been noted as a factor influencing this positive assessment. Additionally, Ingevity’s recent corporate changes, including a refreshed Board of Directors and ongoing CEO search, are part of its broader strategic efforts. These developments underscore the company’s commitment to enhancing shareholder value and fortifying its market position.

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