Mativ Appoints Shruti Singhal as President and CEO

ALPHARETTA, Ga. (News release) -- Mativ Holdings, Inc. announced the appointment of Shruti Singhal, current member of Mativ's Board of Directors, as President and Chief Executive Officer, effective today. Mr. Singhal succeeds Julie Schertell, who has stepped down as President and Chief Executive Officer, and as a director.

Mr. Singhal brings extensive expertise leading transformations through strong operational and commercial execution, profitability initiatives, and driving innovation. He previously served as CEO of Galata Chemicals and Chroma Color, and has held roles of increasing responsibility at global businesses including DSM, General Cable, Solenis, Ashland, The Dow Chemical Company, Rohm and Haas, Cognis (now BASF) and Henkel.

"Mativ has a strong core business with innovative and differentiated specialty materials products and strategic initiatives in place to enhance profitability and drive growth," said Dr. Kimberly E. Ritrievi, Chair of the Board of Directors. "We recognize the need to accelerate the pace of execution, lower costs, improve cash flow and reduce leverage. Shruti brings decades of experience leading corporate turnarounds and a track record of driving strong financial and operating performance in global industrial organizations. We are confident Shruti is the right person to drive the business forward with urgency and ensure the Company reaches its full potential."

Mr. Singhal said, "I am excited by the opportunity to lead Mativ at this important stage for our Company. With an enhanced focus on continuing to execute our strategy and drive operational excellence, supported by a talented global team, we will accelerate our turnaround efforts and position Mativ for improved results and sustainable value creation."

Dr. Ritrievi continued, "On behalf of the Board, I would like to thank Julie for her leadership and dedication to Mativ since the formation of the Company more than two years ago. As the Company's first CEO, Julie was instrumental in repositioning the portfolio and implementing cost and footprint reductions to help position Mativ for its next phase of growth. We wish Julie all the best in her future endeavors."

Ms. Schertell said, "Leading the Mativ team throughout this transformative period has been incredibly rewarding, and I am very proud of all that the team has accomplished over the past few years. I believe Mativ is well-positioned to build on the momentum we have created."

Mativ has taken a number of recent actions to reduce its cost structure in light of the current operating environment, including reducing non-operating costs by over $20 million in 2024. To accelerate these efforts, the Company has launched a comprehensive review of its cost structure to identify further savings actions available to Mativ to enhance profitability.

About Shruti Singhal

Shruti Singhal most recently served as the President and CEO of Galata Chemicals, a leading producer and supplier of PVC and Polyolefin Additives, serving many industries worldwide. He previously was President and CEO of Chroma Color Corporation (an Arsenal Capital Partners company), a leading formulator, and specialty color and additive concentrates supplier. Prior to joining Chroma Color, Shruti served as President for DSM's Engineering Materials business from 2018 to 2021.

Throughout his career, he has served in positions of increasing leadership responsibility and led businesses globally across North America and Europe, including executive leadership roles with the Paper and Water Treatment businesses at Solenis (a Platinum Equity Company), Construction Specialties business at Ashland Inc. and serving as Marketing/Business Director-Coatings-North America at Rohm and Haas and The Dow Chemical Company.

Prior to his appointment as President and Chief Executive Officer, Shruti served on Mativ's Board of Directors as the Chair of the Nominating & Governance Committee and also on the Compensation Committee, and he previously served on the Audit Committee.

Mr. Singhal holds an MS degree in Chemical Engineering from Drexel University, a BS in Chemical Engineering and completed the Global Marketing Management Program at The Wharton School at the University of Pennsylvania.

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