HOUSTON, June 08, 2015 (GLOBE NEWSWIRE) -- TPC Group today announced that Chairman and Chief Executive Officer Michael T. McDonnell will resign his position with the company effective June 15, 2015. Miguel A. Desdin, Senior Vice President and Chief Financial Officer of TPC, has been appointed interim CEO and a formal search process for the position has commenced.
TPC’s Board of Directors, comprised of First Reserve and SK Capital Partners, issued the following statement:
“We would like to thank Mike for his service and wish him the best of luck in his future endeavors. Under our ownership, TPC has made significant progress on several key value creation initiatives, including most notably the successful refurbishment and start-up of an isobutane dehydrogenation unit earlier this year. TPC is an industry leader with a culture of performance and an extensive pipeline of growth opportunities that leverage natural gas liquids, underutilized and idled assets, and markets with good long-term fundamentals.”
About TPC Group
TPC Group Inc. is a leading producer of value-added products derived from niche petrochemical raw materials such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast region. TPC Group sells its products into a wide range of performance, specialty and intermediate segments, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. Headquartered in Houston, Texas, with an operating history of over 70 years, TPC Group has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas, and operates a product terminal in Lake Charles, Louisiana. For more information, visit the TPC Group's website at www.tpcgrp.com.