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Celanese COO Madden plans to retire next year

DALLAS (AP) -- Specialty materials and chemical products company Celanese said Tuesday that Chief Operating Officer Doug Madden will retire at the end of March.

Madden began at Celanese Corp. in 1984 as manager of corporate distribution. The 60-year-old executive has served as COO since 2009.

Shares of the Dallas company fell 64 cents, or 1.6 percent, to $39.31 in morning trading. Its shares are at the lower end of their 52-week range of $32.77 and $52.59 per share.