Lubrizol Corp. announced last week that Chairman and Chief Executive Officer William G. Bares plans to retire from the latter post April 26 and that the companys board of directors will elect President James L. Hambrick to succeed him.
A Feb. 26 statement said Bares intends to stay on as board chairman until the end of 2004, and that Hambrick will then be named to that post, too.
The plan would complete a transition that began 14 months ago when Hambrick replaced Bares as president. At 62, Bares is three years shy of Lubrizols mandatory retirement age.
Bares joined the Wickliffe, Ohio, additive company as a process engineer in 1963, was elected president in 1981 and became chief executive officer and chairman in 1996. Hambrick, 49, joined the company in 1978 and served as vice president for the Asia-Pacific region for three years before becoming president.