The Lycra Co., which exited bankruptcy proceedings in May, appointed Hua Du as chief executive officer. Du succeeds Dean Williams, who served as interim CEO and will continue in his role as chief financial officer.
Du brings 30 years of leadership experience in the specialty chemical and biotech-based industries. Du most recently served as CEO of Grobest Group, a private equity-backed animal nutrition business, where he led an operational turnaround culminating in the company’s sale. Earlier in his career, he held senior leadership roles at Rhodia (later acquired by Solvay) and managed electronic materials businesses across Asia for Rohm and Haas, later acquired by Dow Chemical.
“The Lycra Company is built on a legacy of innovation, operational excellence, globally trusted brands, and deep expertise in fiber and materials science,” said Du. “I am honored to join this exceptional organization as we unlock new opportunities for innovation and growth.”
As part of its restructuring in bankruptcy court, Lycra reduced its total long-term debt by more than $1.2 billion and secured over $75 million in new funding commitments. Control of the reorganized business transitioned to a group of global investment funds that were previously long-term investors in the company’s securities.
“We are pleased to welcome Hua as The Lycra Company’s next CEO,” said Bruce Rubin, executive chairman of the company’s Board of Directors. “With his extensive technical expertise, operational leadership, and global customer focus, we are confident that Hua has the experience and vision to help shape a successful future for the business. On behalf of the board, I would like to thank Dean Williams for his leadership as interim CEO during this period of transition.”
Headquartered in Wilmington, Delaware, the company’s brands include Lycra, Lycra Hyfit, Lycra T400, Coolmax, Thermolite, Elaspan, Supplex and Tactel.
Image courtesy Lycra
