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Rogerson, who was until recently the CEO of Hercules Inc, replaces Robert Wood, who resigned for personal reasons, Chemtura said in a statement late on Monday. Wood had been chairman, president and CEO since Chemtura was formed in July 2005.
Chemtura has been hurt by growing liquidity-related concerns and its shares have fallen more than 80 percent since mid-2008. Shares of the company were down 5.3 percent at $1.42 in midday trading on the New York Stock Exchange.
In October, Chemtura said it would suspend its dividend, slash capital spending and reduce inventories in a bid to shore up liquidity.
Longbow analyst Dmitry Silversteyn said the company has about $370 million in senior notes that come due in July 2009 and investors are concerned with Chemtura's ability to refinance or repay the debt given tight credit markets.
Chemtura, which had 2007 sales of $3.7 billion, is a producer of chemicals used in swimming pools, spas and in crop protection applications.
Rogerson had served as president, CEO and director of Hercules until it was acquired by Ashland Inc on Nov. 13.
Longbow's Silversteyn said Rogerson's appointment is a positive for Chemtura and expects talk of the company exploring a possible sale of itself, or its assets, to resurface.
Chemtura has tried to find a buyer in recent years, but has not met with success.
"Craig was at the head of Hercules when they struck their deal with Ashland, so he certainly knows how to negotiate," said Silversteyn.
(Reporting by Euan Rocha; Editing by Brian Moss) Keywords: CHEMTURA/CEO
(euan.rocha@thomsonreuters.com; +1 646 223 6026; Reuters Messaging: euan.rocha.reuters.com@reuters.net)
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