Medtech supplier CEO steps down after 50 years

Teknor Apex CEO Jonathan Fain is stepping down after leading the company for 51 years, the custom plastics compounder said today.

Fain will retain a majority stake and continue serving as board chair of the company that his grandfather Alfred Fain founded as Apex Tire and Rubber Co. in 1924.

Teknor Apex said it has grown sales by more than 650%, expanded beyond North America and completed 11 acquisitions under Fain’s leadership.

Replacing Fain as CEO is Donald Wiseman, the former CEO of Ravenswood, West Virginia-based Star Plastics.

“I have had the privilege and honor to lead a great company for over 50 years, and while I am not retiring, I do want to hand over the day-to-day responsibility to someone who can drive to keep the company strong, growing and build upon our culture,” Fain said in a news release. “I am very confident in our future leadership and plans for supporting our growth, innovation and sustainability for years to come. Don brings a wealth of experience and is an ideal fit into our company and culture.”

Wiseman previously served as president for performance products and solutions at PolyOne and managing director and GM in Taiwan for Cabot Microelectronics. He will move from Cleveland to lead Teknor Apex from its Pawtucket, Rhode Island headquarters.

“I am very excited to join the leadership team of Teknor Apex,”  Wiseman said in the news release. “What began almost 100 years ago as a small venture in Rhode Island is now among the world’s leading custom compounders. I firmly believe that people and culture are a true competitive advantage for Teknor. I will demonstrate this by removing barriers, collaborating, and rewarding performance to ambitious goals and solve the most demanding business problems, all while emerging a more robust team.”

Teknor Apex makes flexible and rigid vinyl, thermoplastic elastomers (TPE), engineering thermoplastics (ETP), thermoplastic vulcanisate (TPV), color masterbatches, specialty chemicals and garden hoses. The company operates 13 manufacturing facilities in the U.S., Belgium, China, Germany and Singapore.