Spectrum Plastics Group Appoints Interim President & CEO
ALPHARETTA, GA — Spectrum Plastics Group ("SPG," "Spectrum" or the "Company"), a leading medical components and contract manufacturer, today announced that John Wolf, President of Spectrum Plastics Films Division, has been appointed interim President and Chief Executive Officer. Thomas J. Sullivan will be stepping down from his roles as President and CEO effective December 26, 2021. Mr. Sullivan will remain an investor in Spectrum and is committed to assisting with a smooth and orderly transition of leadership for the Company. The Board of directors has unanimously elected Mr. Wolf as the Company's interim President and Chief Executive Officer, starting on December 27, 2021. Mr. Wolf has served as President of Spectrum's Plastic Films Division for nearly three years and is a proven commercial and operations leader with over two decades of experience driving market-leading growth for global business-to-business companies in consumer, industrial and medical end markets.
Mr. Wolf brings over 20 years of professional experience delivering strong and sustainable growth, customer service improvement and operational efficiencies across multiple business disciplines. Prior to joining Spectrum, he spent nearly 20 years with Sealed Air Corporation, holding executive leadership roles including Global Vice President and General Manager for the Automated Fulfillment Solutions Business Unit, Global Vice President of Marketing for the $1.6 billion Product Care Packaging Division, Vice President of Global General Packaging and Vice President of Strategy and Execution. He earned a Bachelor of Science in Chemical Engineering from North Carolina State University.
"We are pleased to welcome John as our new President and CEO. John brings a proven track record of delivering sustainable, profitable growth and is a dynamic and adaptable executive. He has already made a significant impact at Spectrum and the Board is highly confident John has the skillset and vision to capture the opportunities ahead as he now leads all of Spectrum into its next phase of growth and success," said Rahul Goyal, Chairman of Spectrum Plastics Group and a Partner at AEA Investors. "On behalf of the Board, we thank Tom for his leadership and expertise over the last year and look forward to having him remain an investor in Spectrum. His willingness and commitment to supporting a seamless transition of responsibilities is a testament to his continued dedication to the Company's success. We appreciate the personal importance that Tom's new position signifies for him and wish him success in his new role."
"I have complete confidence in Spectrum going forward because of the best-in-class team that remains at the helm, particularly John, who is the right person to take the reins at this time," said Mr. Sullivan. "Since early 2019 I have served on the Board of Directors of Natus Medical Incorporated, a company that specializes in newborn care and neuro diagnostics and one that I carry a personal connection to given that a member of my family suffers from epilepsy and multiple sclerosis, a disease that damages nerves. Being given the opportunity to lead a company who impacts the lives of families like mine is truly the only thing that could have pulled me away from Spectrum's ongoing journey and exceptional growth trajectory. I remain an investor and look forward to contributing to Spectrum's continued success in a different capacity."
"I am thrilled to expand my role at Spectrum, a company that is uniquely positioned to meet the comprehensive needs for highly-engineered polymer-based solutions that are mission critical to our medical, aerospace & defense and specialty packaging customers," said Mr. Wolf. "With the investments and acquisitions we have made these past few years, Spectrum offers a range of capabilities to support innovation through scaled manufacturing. I look forward to working with the Board, the world class global management team and my 1,900 Spectrum teammates to continue Spectrum's success and identify new opportunities to enhance our market leadership and long-term growth prospects."
About Spectrum Plastics Group
Spectrum's history spans over 60 years of applications expertise in precision extrusion, specialty injection molding, blown film extrusion and conversion, medical balloon fabrication, laser processing, and complex assembly of catheters and other devices. Today, Spectrum is a full-service vertically integrated partner for the development and manufacturing of polymer-based components and finished devices for medical and other demanding applications. With 21 locations with over one million square feet of manufacturing space in six countries worldwide, we have the resources to serve the world's leading and emerging companies in medical device, life science, aerospace, defense, and critical industrial applications.
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives and leaders; many of whom invest with AEA as active individual investors and/or join its portfolio company boards or act in other advisory roles. Today, AEA's approximately 100 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich and Shanghai. The firm manages funds that have over $14 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies, growth capital and mezzanine and senior debt investments.