Westlake Corporation has appointed Jonathan H. Baksht as Senior Vice President and Chief Financial Officer, effective June 15, 2026. Baksht will report directly to President and CEO Jean‑Marc Gilson and will take over the responsibilities of managing the company’s financial strategy, capital allocation, and investor relations after the retirement of current CFO M. Steven Bender, who will step down by year‑end.
The appointment comes at a critical juncture for Westlake, which reported a net loss of $544 million on $2.5 billion of sales in Q4 2025. EBITDA for the quarter was $315 million negative, a sharp decline from the $416 million of EBITDA recorded in Q4 2024. The loss was driven by $393 million in charges related to plant shutdowns, lower average sales prices, reduced sales volumes, and higher feedstock and energy costs. Segment data show that the Housing and Infrastructure Products (HIP) unit earned $82 million from operations, down from the prior year, while the Performance and Essential Materials (PEM) segment saw a 12 % drop in sales driven by lower volume and pricing.
Baksht’s experience as CFO of Fortune Brands Innovations, Inc. and his background across oil and gas, packaging, and building products positions him to support Westlake’s Three‑Pillar Profitability Improvement Plan. The plan, which aims to deliver $600 million of EBITDA benefits in 2026, focuses on footprint optimization, improved plant reliability, and structural cost reductions. In a recent statement, CEO Jean‑Marc Gilson said, "EBITDA was net of $511 million of identified items that reflect our announced plan to restructure the businesses and reset our cost position to address the persistent macroeconomic challenges and volatility in trade policies we are experiencing."
The CFO transition is expected to accelerate the execution of the restructuring program. Baksht will oversee the ongoing plant closures and cost‑control initiatives that have already produced $60 million of cost reductions in Q4 2025, contributing to a total of $170 million in 2025 structural cost reductions. His leadership is anticipated to strengthen Westlake’s balance sheet and improve cash flow, supporting the company’s goal of returning to profitability in 2026.
Westlake’s Q4 2025 results, combined with the announcement of a new CFO, have been viewed by investors as a positive signal that the company’s self‑help strategy is gaining traction. The market’s reaction reflects confidence that the Three‑Pillar plan will restore earnings momentum, while the appointment of a seasoned finance executive underscores the company’s commitment to disciplined capital management and operational efficiency.
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