Effective 14 September, Du succeeded Dean Williams, who served as interim chief executive and will continue as chief financial officer, the company confirmed.
This move follows the company’s recent emergence from Chapter 11 bankruptcy protection in May, after reducing its long-term debt by over $1.2bn and securing new investments totalling more than $75m.
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The appointment comes as The Lycra Company, headquartered in Wilmington, Delaware, initiates what it described as its “next chapter” underpinned by a new equity ownership and a “durable capital structure.”
The Lycra Company says the changes will support future investments in innovation, customer partnerships and operations worldwide.
The Lycra Company’s board executive chairman Bruce Rubin said: “We are pleased to welcome Hua as The Lycra Company’s next CEO. 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.”
Du brings three decades of leadership experience across the specialty chemicals and biotechnology sectors. Most recently, he led Grobest Group as CEO, where he oversaw operational changes culminating in the company’s sale.
His background also includes senior positions at Rhodia, later acquired by Solvay, and the management of electronic materials businesses in Asia for Rohm and Haas, which was subsequently acquired by Dow Chemical.
Du added: “The Lycra Company is built on a legacy of innovation, operational excellence, globally trusted brands, and deep expertise in fibre and materials science. I am honoured to join this exceptional organization as we unlock new opportunities for innovation and growth.”
The Lycra Company’s portfolio includes brands such as LYCRA, LYCRA HyFit, COOLMAX, and TACTEL, with products focused on the apparel and personal care markets.
In November last year, the company opened its largest spandex production facility in China as part of its ongoing investment in the Chinese market.
