In an emailed press release, Neo Performance Materials Inc. (Toronto, Ontario, Canada) — an advanced industrial materials manufacturer of magnetic powder and magnets, specialty chemicals, metals, and alloys — announced that Constantine E. Karayannopoulos, chief executive officer (CEO) for Neo, will retire from the company and the Board of Directors on July 7, 2023. Karayannopoulos led the company for more than 25 years, including, most recently, as CEO for the last three years.
Currently the president and interim chief financial officer (CFO), Rahim Suleman will succeed Karayannopoulos as CEO upon the latter’s retirement and will be appointed to the Board of Directors at that time. Following a robust recruitment process, Neo has identified a strong CFO candidate and expects to announce further details on this appointment within the next few weeks.
“On behalf of the Board of Directors, I would like to thank Constantine for his invaluable contributions to Neo,” says Claire Kennedy, chair of the Board of Directors. “For more than 25 years Constantine has navigated Neo through periods of significant change and has consistently led Neo to become a stronger and more resilient company. Through relentless focus on customer satisfaction and strategic positioning, Constantine has succeeded in transforming Neo into one of the world's leading advanced materials manufacturers and suppliers of engineered rare earth and rare metal products. Constantine’s thoughtful approach to capital allocation, investment in strategic capabilities, and employee health and safety has significantly improved Neo’s operational performance and positioned the Company for a bright future.”
“It has been an honor to dedicate most of my professional career to the Neo organization,” says Karayannopoulos. ‘From the beginning, my approach has been to build on Neo’s strengths and invest in the people, culture, and technology that will position the Company for long-term success in a rapidly changing world. I could not be more proud of our team’s leadership position in many of the world’s most technologically advanced projects and collaborations, including our expansion into the production of rare earth magnets in Europe for electric vehicles and a similar potential future expansion in North America. I have great confidence in the future success of this world-class team, and in Rahim’s talents and ability to continue to expand Neo’s operations and global success, and I look forward to working with Rahim in the coming months to ensure a seamless transition.”
“Executive development and succession planning are critical responsibilities of the Board of Directors and today’s announcement concludes a comprehensive succession process that further highlights the strength and depth of Neo’s leadership,” comments Kennedy. “Rahim has demonstrated outstanding vision and leadership since joining Neo more than six years ago. His customer-centric mindset, focused on operational excellence, and leadership skills will serve Neo well in the years ahead and we look forward to Neo’s continued momentum under his leadership.”
Suleman became president of Neo in January 2023, after serving as executive vice president and CFO of Neo and its predecessor company since January 2017. He holds a CPA designation and graduated from the University of Waterloo with a Masters in accountancy.
“I would like to thank Constantine for his leadership, vision, and mentorship,” says Suleman. “Constantine has strengthened the capabilities of the Company and helped to build a strong foundation for our continued success. I am honored and proud to lead our Company. I look forward to working with the Board, our senior leadership team, and our passionate employee team to build on Constantine’s legacy, to support our customers, and ensure Neo continues its multi-faceted growth strategy in high-growth markets where we deliver technologically advanced and differentiated products.”
To ensure a seamless transition, Suleman will continue his current role of interim CFO while Neo completes its recruitment process for a new CFO.