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AdvanSix Inc . (NYSE:ASIX) announced Wednesday the termination of employment of Senior Vice President and Chief Financial Officer Siddharth Manjeshwar, effective the same day. The company’s board has appointed Christopher Gramm as Interim Chief Financial Officer, also effective Wednesday, while a search for a permanent successor is underway.
According to the company’s statement in a press release, Mr. Gramm, 55, has served as Vice President, Financial Planning and Analysis at AdvanSix since March 2025. Previously, he was Vice President, Controller of the company since its spin-off in October 2016. Before joining AdvanSix, Mr. Gramm held various finance leadership roles at Honeywell (NASDAQ:HON), including vice president and controller of the aerospace division and vice president of finance for the integrated supply chain in the aerospace division. He began his career at Honeywell in 1997 and also worked previously as a manager at Corning (NYSE:GLW) Life Sciences.
During his tenure as Interim CFO, Mr. Gramm will receive an additional $15,000 per month, prorated for any partial month of service. His other compensation terms will remain unchanged unless otherwise determined by the Compensation and Leadership Development Committee. The company stated there are no family relationships between Mr. Gramm and any director or executive officer, and he has no material interest in any transaction requiring disclosure under SEC rules.
Mr. Manjeshwar is entitled to severance benefits consistent with AdvanSix’s Executive Severance Pay Plan, subject to his execution of a separation agreement and release of claims. He is not entitled to any equity award vesting in connection with his departure. The company said his departure was not due to any disagreement with management or the board regarding the company’s operations, policies, or practices.
The information in this article is based on a press release statement and a filing with the Securities and Exchange Commission. For deeper insights into AdvanSix’s financial performance and outlook, including additional ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports and valuable metrics that help paint a complete picture of the company’s financial health and market position.
In other recent news, AdvanSix reported strong financial results for the first quarter of 2025, surpassing expectations with an earnings per share of $0.93, compared to the forecasted $0.87. The company’s revenue also exceeded projections, reaching $378 million against the anticipated $367 million. This performance was driven by a 12% year-over-year increase in sales, attributed to higher sales volume and improved market-based pricing. Piper Sandler upgraded AdvanSix’s stock rating from Neutral to Overweight, raising the price target to $32, reflecting confidence in the company’s ammonium sulfate business and its ability to maintain earnings resilience.
The research firm noted the minimal impact of tariffs on AdvanSix’s nylon and chemical intermediate businesses, which contributes to the company’s robust earnings. AdvanSix’s adjusted EBITDA margin improved to 13.7%, and although free cash flow remained negative, it showed significant year-over-year improvement. The company also highlighted a strong position in the market despite challenges such as global oversupply in the nylon sector. Looking forward, AdvanSix plans to focus on cost and cash management, with capital expenditures for 2025 forecasted between $145 million and $155 million.
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