Eastman Chemical Announces Executive Transition and Role Elimination for Steve Crawford

Eastman Chemical Company (NYSE: EMN) announced the elimination of the position currently held by Steve Crawford, Executive Vice President, Methanolysis Operations and Worldwide Engineering and Construction Transformation, effective June 2, 2025.

Crawford, who transitioned into this role earlier in 2025 to oversee the startup of Eastman’s Kingsport Methanolysis facility, has completed that work successfully. As part of its succession planning process, Eastman will now distribute Crawford’s responsibilities among other executives.
In recognition of his 41 years of service, Eastman will provide Mr. Crawford with 52 weeks of base salary as severance and up to four months of company-paid healthcare coverage.

CEO Mark Costa praised Crawford’s contributions: “Few have had as significant an impact as Steve. His talents have left an indelible mark on organizations across the company.”

Eastman Reports Q1 2025 Results: EPS Rises 19%, Cost Focus Strengthens Amid Trade Uncertainty

Eastman Chemical Company (NYSE: EMN) reported a strong first quarter for 2025, posting adjusted earnings per share of $1.91—up 19% year over year and in line with prior guidance. Despite a 1% decline in sales to $2.29 billion, adjusted EBIT rose to $311 million with margin expansion of 170 basis points, driven by innovation, cost control, and improved operations, including record uptime at the Kingsport methanolysis facility.

Segment highlights included a 4% sales increase in both Additives & Functional Products and Chemical Intermediates, while the Fibers segment declined 13% due to continued destocking. Cash used in operations rose to $167 million, primarily from inventory buildup ahead of planned Q2 maintenance.

CEO Mark Costa reaffirmed a focus on cash generation, cost discipline, and capital spending cuts amid escalating tariff risks. Full-year operating cash flow is projected at $1.2 billion, with Q2 adjusted EPS expected between $1.70 and $1.90.

Eastman Chemical Company announced the issuance of $250 million in 5.000% Notes due 2029 as part of a public offering. These notes constitute a further issuance of the $500 million in 5.000% Notes due 2029 that the company issued on August 1, 2024. The offering was conducted under an existing registration statement filed with the SEC.

The notes were issued under an indenture between Eastman Chemical and Computershare Trust Company, serving as trustee. They will mature on August 1, 2029, with interest paid semi-annually on February 1 and August 1. The company has the option to redeem the notes before their maturity under specific terms.

Eastman Chemical expects to receive approximately $246.2 million in net proceeds from the offering, which it plans to use for general corporate purposes, including working capital, capital expenditures, and debt repayment. The sale was conducted through an underwriting agreement with BofA Securities and J.P. Morgan Securities as lead underwriters.