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# Avient Replaces CEO Khandpur With UPL's Mike Frank, Reaffirms Its 2026 Guidance
- URL: https://www.bullished.co/avient-replaces-ceo-khandpur-with-upls-mike-frank-reaffirms-its-2026-guidance-f392a7ca/
- Published: 2026-10-09T11:20:49.000Z
- Updated: 2026-10-09T11:20:49.000Z
- Description: Frank gets a $1,222,000 salary and a $1,600,000 sign-on payment, while Richard Fearon becomes non-executive chairman.
- Author: Matteo Parrino
- Tags: SEC Filings, AVNT, Industry: Materials

Avient's board named Mike Frank, the chief executive of UPL, as its [president and CEO](https://www.sec.gov/Archives/edgar/data/0001122976/000119312526418501/d158162dex991.htm?ref=bullished.co), effective immediately, replacing Ashish Khandpur, according to a press release attached to an 8-K filed Friday. The company also reaffirmed its third-quarter and full-year 2026 guidance, first issued August 6, 2026.

## What the 8-K says about the handoff

The [8-K](https://www.sec.gov/Archives/edgar/data/0001122976/000119312526418501/d158162d8k.htm?ref=bullished.co) says the board elected Michael J. Frank, 62, as president, CEO and a director on October 7, two days before the public announcement. Khandpur has stepped down and will remain an adviser through December 31, 2026.

Richard H. Fearon, previously lead independent director, becomes non-executive chairman. Frank has also joined the board's Innovation and Sustainability Committee.

Frank joined UPL in January 2022 as president and chief operating officer and became CEO that September. Before that he was CEO of Nutrien Ag Solutions and spent 25 years at Monsanto, ending as global chief commercial officer.

Fearon called Frank "an exceptional executive with a record of accomplishment in agricultural chemicals." The release does not give a reason for Khandpur's exit. It credits him with repositioning the company with a new strategic plan and upgrading research and development.

## The pay packages

Frank's base salary is $1,222,000 a year. His annual cash bonus target is 120% of earned salary, paid from 0% to 200% of target and prorated for 2026.

He gets a $1,600,000 sign-on payment, repayable if he resigns voluntarily or is fired for cause within 12 months. He also gets restricted stock units worth about $5,000,000 at grant, vesting one third on the third anniversary and the rest on the fifth.

Cash-settled performance units carry a target value of about $11,400,000, paying 0% to 200% of target based on adjusted earnings per share (67% weight) and relative shareholder return (33%) from January 1, 2026 through December 31, 2028\. His 2027 long-term equity target is 510% of base salary.

Khandpur is entitled to two years of salary continuation, subsidized health coverage and outplacement help under the company's severance plan, subject to signing a release. His 2026 awards are prorated, and other awards are forfeited. In return for resigning from the board, advising through 2026 and a one-year extension of his non-compete, the compensation committee approved vesting of 38,047 restricted stock units on December 1, 2026 and 38,046 on December 1, 2027.

## Guidance and what comes next

The company says its quarter-end closing procedures are ongoing, so actual results may differ from these preliminary expectations.

The change comes days after Avient announced its [sixteenth consecutive annual dividend increase](https://finance.yahoo.com/markets/stocks/articles/avient-announces-sixteenth-consecutive-annual-212200857.html?ref=bullished.co), in a release that quoted Khandpur as chairman, president and CEO. Shares closed at $40.98 on Thursday, before the 7:10 a.m. ET disclosure on Friday.

Avient plans to report third-quarter results before the market opens on Wednesday, November 4, with a webcast at 8:00 a.m. Eastern.

The November 4 report will be the first earnings release under Frank, and the first check on the reaffirmed guidance.

### Sources

- [8-K Filing — AVIENT CORP (AVNT)](https://www.sec.gov/Archives/edgar/data/0001122976/000119312526418501/d158162d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d158162dex991.htm — AVIENT CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001122976/000119312526418501/d158162dex991.htm?ref=bullished.co) — SEC EDGAR
- [Avient Announces Sixteenth Consecutive Annual Dividend Increase](https://finance.yahoo.com/markets/stocks/articles/avient-announces-sixteenth-consecutive-annual-212200857.html?ref=bullished.co) — Yahoo Finance