Meet the NewMarket Board of Directors

NewMarket Corporation is a leading manufacturer and marketer of specialty chemicals and additives, serving a wide range of industries worldwide. At the helm of this successful organization is a group of highly qualified individuals who make up the NewMarket Board of Directors. In this article, we will explore the history of the company, the importance of a strong board of directors, the qualifications and roles of the members who make up the NewMarket Board, and the impact they have had on the company's success today.

The History of NewMarket Corporation

NewMarket Corporation was founded in 1887 and has a long-standing legacy of innovation and success. Over the years, the company has grown to become a global leader in specialty chemical and additive manufacturing. NewMarket operates in various markets, including lubricants, fuel additives, performance chemicals, and home care products. Today, the company continues to push the boundaries of innovation and stay on the forefront of its industry, consistently delivering high-quality products to customers around the world.

In recent years, NewMarket Corporation has also made significant strides in sustainability and environmental responsibility. The company has implemented various initiatives to reduce its carbon footprint and minimize waste, including investing in renewable energy sources and implementing more efficient manufacturing processes. NewMarket is committed to being a responsible corporate citizen and contributing to a more sustainable future for all.

The Importance of a Board of Directors

A board of directors is a vital component of any organization, serving as the governing body that oversees all aspects of the company's operations. A well-functioning board is critical to the success of a corporation, providing strategic guidance, risk assessment, and leadership necessary to drive growth and sustain long-term success. The NewMarket Board is no exception, playing an essential role in the company's growth and development.

One of the key responsibilities of a board of directors is to ensure that the company operates in an ethical and socially responsible manner. This includes making decisions that benefit not only the shareholders but also the employees, customers, and the community at large. The NewMarket Board takes this responsibility seriously and has implemented various initiatives to promote sustainability and social responsibility, such as reducing carbon emissions and supporting local charities. By prioritizing ethical and socially responsible practices, the board helps to build trust and loyalty among stakeholders, which ultimately contributes to the long-term success of the company.

Who are the Members of the NewMarket Board?

The NewMarket Board of Directors is composed of a diverse group of individuals with extensive expertise across a range of industries. The current members of the board bring a wealth of experience to the table, having held leadership roles in various companies and industries. The members of the NewMarket Board are:

• Thomas E. Gottwald (Chairman)
• Teddy R. Gottwald
• M. Ann Harrell
• W. Ashley Booth
• Thomas E. Gottwald, Jr.
• Douglas A. Murdock
• Timothy W. Wessel

Thomas E. Gottwald, the Chairman of the NewMarket Board, has been with the company for over 30 years and has played a key role in its growth and success. He has also served on the boards of several other companies, including Dominion Energy and Owens & Minor.

M. Ann Harrell, another member of the board, has extensive experience in the chemical industry, having worked for companies such as DuPont and Dow Chemical. She has also served on the boards of several non-profit organizations, including the Virginia Museum of Fine Arts and the Virginia Commonwealth University Foundation.

What Qualifications Do NewMarket Board Members Have?

Each of the board members brings a unique set of skills and qualifications to the table. Collectively, they possess extensive experience in business management, finance, marketing, and other key areas necessary for effective corporate governance. Several board members hold advanced degrees in areas such as law, business administration, and engineering, providing the board with a diverse range of perspectives and knowledge.

In addition to their professional qualifications, many of the board members have also demonstrated a commitment to community service and philanthropy. They have served on the boards of non-profit organizations, volunteered their time and resources to charitable causes, and supported initiatives aimed at improving the lives of others.

Furthermore, the board members regularly participate in continuing education and professional development programs to stay up-to-date on the latest trends and best practices in their respective fields. This ongoing commitment to learning and growth ensures that they are well-equipped to make informed decisions and provide effective leadership for NewMarket.

What are the Roles and Responsibilities of the NewMarket Board?

The NewMarket Board of Directors is responsible for overseeing the company's strategic direction and ensuring the company's long-term success. The board sets policies and procedures, establishes performance objectives, and monitors the company's financial and operational performance. The board also ensures that the company maintains the highest standards of corporate governance and complies with all relevant laws and regulations.

In addition to these core responsibilities, the NewMarket Board also plays a critical role in managing risk. The board is responsible for identifying and assessing potential risks to the company, and developing strategies to mitigate those risks. This includes everything from financial risks, such as market volatility and credit risk, to operational risks, such as cybersecurity threats and supply chain disruptions.

Another important responsibility of the NewMarket Board is to ensure that the company is meeting the needs of its stakeholders. This includes not only shareholders, but also employees, customers, and the broader community. The board must balance the interests of these various stakeholders and ensure that the company is operating in a socially responsible and sustainable manner.

How Does the NewMarket Board Make Decisions?

The NewMarket Board operates in a collaborative and transparent manner, with decisions made through a rigorous process of evaluation and consultation. The board meets regularly to review and discuss the company's operations and finances, and members work closely with management to develop and implement strategies that drive growth and create value for shareholders.

One of the key factors that the NewMarket Board considers when making decisions is the impact on the company's stakeholders. This includes not only shareholders, but also employees, customers, and the wider community. The board takes a long-term view of the company's interests, and seeks to balance the needs of all stakeholders in its decision-making process.

In addition to regular meetings, the NewMarket Board also conducts in-depth research and analysis to inform its decisions. This may involve consulting with industry experts, conducting market research, or analyzing financial data. The board also seeks input from a range of sources, including management, employees, and external advisors, to ensure that it has a comprehensive understanding of the issues at hand.

How Does the NewMarket Board Support the Company's Mission and Values?

The NewMarket Board is committed to ensuring that the company's mission and values are reflected in all aspects of its operations. The board provides leadership and guidance to ensure that the company stays true to its ethical and social obligations while continuing to prioritize growth and profitability.

One way the NewMarket Board supports the company's mission and values is by regularly reviewing and updating its policies and procedures to align with industry best practices and emerging trends. The board also encourages open communication and collaboration among employees, stakeholders, and customers to foster a culture of transparency and accountability. Additionally, the board actively seeks out opportunities to give back to the community through charitable initiatives and partnerships with local organizations.

What Are Some of the Achievements of the NewMarket Board in Recent Years?

Under the leadership of the NewMarket Board of Directors, the company has achieved significant growth and success in recent years. Some of the notable achievements include the acquisition of Afton Chemical Corporation, which has significantly expanded the company's global footprint, and the development of innovative new products that have set new industry standards for performance and sustainability.

In addition to these achievements, the NewMarket Board has also implemented a number of initiatives to promote sustainability and reduce the company's environmental impact. These initiatives include the adoption of renewable energy sources, the implementation of more efficient manufacturing processes, and the development of products that are designed to be more environmentally friendly.

Furthermore, the NewMarket Board has also made significant investments in research and development, which has led to the creation of new technologies and products that have helped the company stay ahead of its competitors. These investments have also helped to ensure that the company remains at the forefront of innovation in its industry, and is well positioned to continue to grow and succeed in the years to come.

Challenges Faced by the NewMarket Board in Today's Business Environment

The NewMarket Board continues to face numerous challenges in today's rapidly changing business environment. These include increasing competition, regulatory changes, and shifting market dynamics. However, the board is well-positioned to address these challenges, with a solid understanding of the industry and a clear commitment to innovation and strategic planning.

One of the major challenges faced by the NewMarket Board is the rapid pace of technological advancements. With new technologies emerging every day, the board must stay up-to-date with the latest trends and innovations in order to remain competitive. This requires a significant investment in research and development, as well as a willingness to take risks and experiment with new ideas.

Another challenge facing the NewMarket Board is the increasing importance of sustainability and corporate social responsibility. Consumers are becoming more conscious of the impact that businesses have on the environment and society, and are demanding that companies take action to address these issues. The board must therefore develop and implement sustainable business practices, and ensure that the company's operations are aligned with its values and principles.

Future Plans for the NewMarket Corporation Under This Board's Leadership

Looking to the future, the NewMarket Board is focused on continuing to build on the company's strong foundation of success. The board is committed to driving growth and innovation, leveraging its expertise and knowledge to develop new products and expand its global presence. The board remains committed to delivering value to shareholders and maintaining the highest standards of corporate governance.

One of the key areas of focus for the NewMarket Board is sustainability. The board recognizes the importance of environmental responsibility and is committed to reducing the company's carbon footprint. This includes exploring new technologies and processes to minimize waste and emissions, as well as partnering with suppliers who share the same values.

In addition, the board is also dedicated to fostering a diverse and inclusive workplace. The company recognizes that a diverse workforce brings a variety of perspectives and ideas, which can lead to better decision-making and innovation. The board is committed to creating a culture of inclusivity and equity, where all employees feel valued and supported.

The Impact of the NewMarket Board on Employee Relations, Community Outreach and Environmental Sustainability

One of the most significant impacts of the NewMarket Board has been its commitment to employee relations, community outreach, and environmental sustainability. The board has implemented numerous initiatives to support these critical areas, fostering a positive work environment for employees, supporting local communities, and developing sustainable products and processes that protect the environment. These efforts have contributed significantly to the company's overall success and reputation.

How to Become a Member of a Corporate Board of Directors

Becoming a member of a corporate board of directors is a significant achievement that requires extensive experience and expertise. To become a board member, individuals must demonstrate a track record of success in business and possess the skills and knowledge necessary for effective corporate governance. Board members typically have advanced degrees and significant experience in leadership roles across various industries.

Conclusion: The Vital Role of a Strong and Effective Corporate Governance Structure

The NewMarket Board of Directors plays a critical role in the success of the company, providing leadership, guidance, and strategic insight necessary for sustained growth and profitability. Through a collaborative and transparent approach, the board has established a solid foundation for the company, enabling it to thrive in today's competitive business environment. As the company looks to the future, the NewMarket Board remains committed to driving growth and delivering value to shareholders while maintaining the highest standards of corporate governance.