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Westlake Corp. announced Monday that longtime Chief Financial Officer Steven Bender will retire after nearly 20 years at the petrochemicals manufacturer. Bender, who has served as finance chief since 2007, will remain in his position until a successor is appointed to ensure a stable leadership transition.
Bender’s tenure at Westlake began in 2005, with a promotion to the CFO position following shortly in 2007. His leadership spanned nearly 20 years of market shifts and industrial growth. Per company disclosures, Bender’s total compensation for the 2024 fiscal year was $4.1 million.
In tandem with the CFO transition, Westlake is bolstering its oversight by increasing its board size to 14 members. The expansion includes the election of two industry veterans to provide strategic guidance.
Bhavesh Patel, 59, joins the board as a Class III director following his tenure as president of Standard Industries and CEO of W.R. Grace & Co. He is joined by Westlake CEO Jean-Marc Gilson, who will serve as a Class I director. Gilson is slated to join the corporate risk and sustainability committee, though he will receive no additional pay for his board service.
This leadership shuffle comes as Westlake continues to navigate the complexities of the global chemicals market. The company has not yet provided a timeline for the appointment of Bender's successor.
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