Less than a month after a change of ownership, the materials company Star Plastics has a new CEO.
Donald Wiseman is now CEO at Star in Ravenswood, W.Va. Private equity firm Akoya Capital Partners acquired a majority stake in Star last month.
In this role, Wiseman succeeds Star founder Doug Ritchie, who becomes the company’s chief strategy officer. Ritchie had led the company since its inception in 1988.
Wiseman has more than 25 years of industry experience including leadership roles at PolyOne Corp. (now Avient Corp.) and Americhem Inc. He has advised on several private equity deals totaling more than $ 1 billion.
As president of PolyOne’s Performance Products & Solutions division, Star officials said Wiseman managed 11 global plants and 1,500 employees while growing sales and growing profits.
Most recently, he was interim chief operating officer and board member of the recycling technology company GreenMantra Technologies in Brantford, Ontario. At GreenMantra, officials said Wiseman has implemented operational best practices and has been instrumental in leading the company’s international growth.
Star Chairman Bob May said Wiseman’s leadership, experience and success in achieving exceptional growth “will make him a valuable addition to the Star Plastics team.”
Ritchie added that Wiseman “understands our culture and will take off immediately. … His experience will be a great advantage in bringing Star closer to our growth goals. “
Ritchie retains a minority stake in the company. Star performs compounding work in polycarbonate, ABS and other engineering resins, with an emphasis on flame retardant grades. In addition to customer-specific compounding, the company also offers toll compounding.
Star employs around 175 worldwide and operates compounding facilities in Ravenswood and Millwood, W.Va. The company also has licensing and manufacturing partnerships in China.
Akoya’s current portfolio includes nine manufacturing and service companies. Akoya’s plastics-related companies include Beacon Manufacturing Group, which does some injection molding work, and Trinity Technology Group, which makes specialty fluoropolymer films.