Celanese Corporation (NYSE: CE) Modifies Executive Severance Benefits Plan

Celanese Corporation, a chemicals and specialty materials company, has announced amendments to its Executive Severance Benefits Plan. The changes, approved by the Compensation and Management Development Committee of the Board of Directors on December 9, 2024, are set to be effective as of January 1, 2025.

The revised plan, to be renamed the Designated Roles Member Severance Benefits Plan, will see a reduction in the severance benefits provided. Previously set at 150% of base salary and target bonus, the new benefits will now amount to 100% of base salary and target bonus for executive officers as defined by relevant SEC regulations. In the case of the Chief Executive Officer, the severance benefit will be reduced from 200% to 150%.

In addition to the adjustments in severance benefits, the Committee also made clarifying changes within the plan.

The Company emphasized that this summary of modifications and compensatory arrangements is not exhaustive and refers stakeholders to the complete texts of the relevant documents, which are available as exhibits attached to the official filing.

Alongside these changes, Celanese Corporation submitted the required financial statements and exhibits. Included in the submission are Exhibit 10.1, which details the Designated Roles Member Severance Benefits Plan, and Exhibit 104, containing the Cover Page Interactive Data File.

These alterations to the Executive Severance Benefits Plan represent Celanese Corporation’s commitment to effective and transparent governance practices.

The Company has ensured regulatory compliance by filing this required update with the Securities and Exchange Commission.

This information was shared in a Form 8-K filing by Celanese Corporation on December 12, 2024. Investors and stakeholders may access the complete filing through the SEC’s online database or the Company’s investor relations website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Celanese’s 8K filing here.

About Celanese

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.