Element Solutions Inc (NYSE: ESI) announced that Executive Chairman Sir Martin E. Franklin will step down from the board and will not seek re-election at the 2026 Annual Meeting of Stockholders. Ian G.H. Ashken will assume the role of Non-Executive Chairman effective at the 2026 meeting.

Ashken has served as a founding board director since 2013 and currently chairs the board's Nominating and Policies Committee. Franklin will remain a shareholder and advisor to CEO Ben Gliklich following his departure from the board.

"Element Solutions is in a great position and I have absolute faith in this management team and in my fellow directors to steward the Company's future," Franklin stated in the press release. He noted his 12-year partnership with Gliklich and described Ashken as having deep relationships with management and understanding of the business.

Ashken commented that he looks forward to assuming the chairman role and continuing to pursue strategic initiatives to drive shareholder value. He acknowledged Franklin's leadership as pivotal to Element Solutions' success.

The Miami-based company operates as a specialty chemicals technology firm, providing solutions for industries including consumer electronics, power electronics, semiconductor fabrication, communications infrastructure, automotive systems, and industrial surface finishing.

The transition will take place at Element Solutions' 2026 Annual Meeting of Stockholders, with Franklin completing his current term through that date.