Abstract
The taint of scandal has led to the resignation of a CEO for the second time in four years at fuel additives and specialty chemicals firm Innospec. Paul W. Jennings suddenly resigned from the post on March 20. In a statement from Innospec, Jennings says an ongoing investigation by U.S. and British authorities into the firm’s involvement in the United Nations’ Oil for Food Program (OFFP) between 2001 and 2003 “has made it increasingly difficult for me to move the business forward as I would like.” OFFP allowed Iraq to sell oil for food and other humanitarian supplies after the 1990 Gulf War. But the program quickly devolved into a graft-generating nightmare in which government officials and others around the globe have been implicated. It’s not clear how Innospec, the world’s only manufacturer of the gasoline additive tetraethyllead, is involved. Jennings joined the firm as chief financial officer in 2002 and became CEO in 2005 ...
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