At a Glance

  • Westlake Corporation Chief Financial Officer M. Steven Bender announced in a securities filing Monday that he will retire after a successor is appointed, ending a nearly two-decade tenure at the chemical manufacturing company.
  • Westlake also announced it would expand its board to 14 members and appoint President and CEO Jean-Marc Gilson and former Chevron executive Bhavesh Patel as new directors.
  • The day after the executive changes were announced, Westlake reported its fourth-quarter and full-year 2025 results, showing revenue fell short of expectations as performance and materials segment sales continued to decline.

In-Depth Analysis

According to Bender's LinkedIn profile, he has served as CFO of the Houston, Texas-based chemical company since 2008. Before taking the top financial role, he served as vice president and treasurer, and has been a director of Westlake Partners since its formation in 2014, according to his biography on the company's website.

Westlake declined to comment on whether a successor for Bender has been identified beyond Monday's announcement.

According to the securities filing, Patel's and Gilson's board terms began immediately and will expire at Westlake's 2026 annual shareholder meeting. The filing shows Patel spent 20 years at Chevron, most recently serving as president of manufacturing company Standard Industries, while also serving on the board of Air Products Chemicals and as a director of the Federal Reserve Bank of Dallas's Houston Branch.

Patel is expected to join the company's audit, compensation and corporate risk committees, as well as the nominating and governance committee. He will receive a restricted stock unit grant valued at $175,000 in total, which will fully vest on February 20, 2027, in connection with his board appointment.

Meanwhile, Gilson has served as Westlake's president and CEO since June 2024, according to his LinkedIn profile. He will not receive additional compensation for his board appointment.

The CFO's departure comes as the chemical manufacturer seeks to improve profitability, facing ongoing restructuring costs related to plant closures and other charges, as well as declining sales in key segments. According to the earnings report, its performance and materials segment sales fell 12% in the fourth quarter ended December 31, due to a 7% decline in sales volume and a 5% decline in average selling prices.

The company also reported a full-year net loss of $1.5 billion, compared with net income of $602 million in the prior year. The loss includes a $727 million goodwill impairment charge related to its North American vinyl chloride reporting unit, following Westlake's December announcement that it would close some vinyl chloride production facilities in the region, according to a press release at the time.

Westlake is moving forward with plans to improve profitability in its performance and materials segment in 2026 — targeting $600 million in EBITDA improvement for that year, CEO Gilson said in a statement accompanying the earnings report. The company also expects sales and earnings gains this year from its acquisition of ACI Compounding Solutions, completed in January, which allows it to expand manufacturing operations into Portugal, Romania and Tunisia, and expand its existing presence in Mexico, the press release said.

"We do not expect the macroeconomic environment to be a tailwind for our 2026 goals, as global industrial and manufacturing activity remains challenging," Gilson said in the statement. "However, we are highly confident in the ability of our performance and materials segment profitability improvement plan to drive earnings in 2026, and we remain well positioned to capitalize on the eventual recovery in global demand."