By Kelly Cloonan

Element Solutions said Martin Franklin plans to step down as executive chairman of the board and won't seek re-election at its upcoming shareholder meeting.

The specialty chemicals technology company has approved a reduction in the size of its board as a result, effective on May 4, the day of its annual stockholders meeting.

The company's board would have seven directors, compared with eight previously, according to a filing with the Securities and Exchange Commission.

The company also appointed Ian Ashken as non-executive chairman of the board, effective as of the shareholder meeting. Ashken has been a founding board member since 2013 and is chair of the board's nominating and policies committee.

Franklin said he would remain a substantial shareholder and counselor to the company's leadership, including Chief Executive Ben Gliklich. He added that Ashken is a natural next chairman of the board, given his understanding of the business and relationships with the company's management team.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 23, 2026 16:48 ET (20:48 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.