AMES, Iowa, July 05, 2017 (GLOBE NEWSWIRE) -- Renewable Energy Group, Inc. (NASDAQ:REGI) announced today that Daniel J. Oh has resigned as President and Chief Executive Officer and as a member of the Company’s Board of Directors. The resignation was effective July 3, 2017.
"The Board appreciates Dan’s work in guiding REG to its position as the industry leader with sales of over $2 billion in 2016, as well as his willingness to assist on transitional matters over the next several months. We wish him the best in his future endeavors,” said Jeff Stroburg, Chairman of the REG Board of Directors. Oh commented, “I am extremely proud of the REG team and the success we achieved over the past ten years.”
The Board of Directors appointed long-time director Randolph (Randy) L. Howard as Interim President and Chief Executive Officer.
Mr. Howard has served as a member of REG’s Board of Directors since February 2007, serving on both the Company’s Audit Committee and Nominating and Governance Committee and as chair of the Board’s Risk Management Committee. Mr. Howard has extensive leadership experience in all aspects of a complex energy business, including international experience. He was a senior executive with Unocal Corporation for 33 years, including time as President of its large North Asian Energy business, Vice President of Refining and Vice President of Supply, Trading and Transportation. Those positions included responsibility for crude, product and natural gas trading, as well as oversight of the Pipelines, Terminals, and Marine Shipping functions.
“We expect a seamless transition and firmly believe Randy Howard is an ideal choice to begin taking REG to the next level,” Stroburg said. “Randy is well known to our management team and has been deeply involved in setting our existing strategy, to which we remain firmly committed. The Board is confident that Randy will help sustain and advance the momentum in our near-term strategic initiatives, including our efforts to increase the profitability from our base biodiesel business, grow our renewable hydrocarbon diesel platform and capture additional downstream margins by continuing to expand our market penetration. We are confident that the Company is in excellent hands as we begin the search for a new CEO."
Howard commented, “I look forward to an even deeper involvement with REG as we continue to grow our capabilities and reach. REG has a solid team of senior leaders and world class employees who will continue to operate our business in the same manner our customers, vendors, and shareholders expect. We see near-term opportunities to substantially increase our earnings power, as we outlined in our recent analyst day presentation, and I intend to keep our team highly focused on realizing this potential.”
About Renewable Energy Group
Renewable Energy Group, Inc. (NASDAQ:REGI) is a leading provider of cleaner, lower carbon intensity products and services. We are an international producer of biomass-based diesel, a developer of renewable chemicals and are North America's largest producer of advanced biofuel. REG utilizes an integrated procurement, distribution, and logistics network to convert natural fats, oils, greases, and sugars into lower carbon intensity products. With 14 active biorefineries, a feedstock processing facility, research and development capabilities and a diverse and growing intellectual property portfolio, REG is committed to being a long-term leader in bio-based fuel and chemicals.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Company’s near-term opportunities for greater growth and profitability, successful execution of the Company’s strategic plan and the transition process for our CEO. These forward-looking statements are based on current expectations and assumptions, are subject to change, and actual results may differ materially. Factors that could cause actual results to differ materially include: changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2; availability of federal and state governmental tax incentives and incentives for biomass-based diesel production, including possible reinstatement of the Federal biodiesel mixture tax credit or BTC; changes in the spread between biomass-based diesel prices and feedstock costs; the future price and volatility of feedstocks; the future price and volatility of petroleum and products derived from petroleum; risks associated with fires, explosions, leaks and natural disasters at our facilities; the effect of excess capacity in the biomass-based diesel industry; unanticipated changes in the biomass-based diesel market; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; our ability to generate revenue from the sale of renewable chemicals, fuels and other products on a commercial scale and at a competitive cost, and customer acceptance of the products produced; whether our Geismar, Louisiana biorefinery will be able to produce renewable hydrocarbon diesel consistently or profitably; and other risks and uncertainties described in REG's annual report on Form 10-K for the year ended December 31, 2016, quarterly report on Form 10-Q for the quarter ended March 31, 2017 and from time to time in the Company's other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
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Source: Renewable Energy Group, Inc.
Released July 5, 2017