Venator makes changes at top

The struggling pigment maker Venator is shaking up its board and conducting a strategic review of its operations. Barry Siadat, managing director at SK Capital, Venator’s largest shareholder, is stepping down as chairman but remaining on the board. The company is also replacing a second director. The firm’s new chairman is Stefan M. Selig, founder of the consulting firm BridgePark Advisors and a former undersecretary of commerce in the Obama administration. Venator has retained outside advisers to conduct a strategic review that Venator CEO Simon Turner says in a statement is meant “to ensure the business is on sound financial footing.” The former Huntsman pigments business expects to report a loss of up to $62 million for fourth-quarter 2022. Its second-largest shareholder, the Czech investor J&T, earlier this month wrote a letter complaining that Venator’s board was stacked with directors with ties to Huntsman and SK.