Chevron Renewable Energy Group Names Cynthia (CJ) Warner as CEO
December 6, 2018
Randy Howard will Support Transition, Remain on Board of Directors
AMES, Iowa, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Chevron Renewable Energy Group, the nation’s leading advanced biofuel producer, announced today that its Board of Directors has named Cynthia (CJ) Warner to the position of President and Chief Executive Officer effective January 14, 2019, at which time she will also join the Board of Directors.
, who has served as President and Chief Executive Officer since July 2017, will remain on the Board and assist in the transition.
“After completing a thorough and deliberate succession planning process, we are pleased to welcome CJ Warner as our new President and CEO,” said
, Chairman of the Board of Directors. “Her background and success, coupled with her passion for developing renewable fuels that transform the transportation fuels market to a cleaner and sustainable future, makes her an exceptional choice to lead Chevron Renewable Energy Group.”
The CEO search for Chevron Renewable Energy Group was led by the team from Caldwell Partners of
Ms. Warner brings more than 35 years of experience in the energy industry, including an extensive background in refining. Most recently she served as Executive Vice President, Operations for Andeavor (formerly Tesoro Corporation), an integrated marketing, logistics and refining company. Prior to her most recent role, Ms. Warner served as Executive Vice President, Strategy and Business Development of Andeavor. Before joining Andeavor, Ms. Warner served as President, Chief Executive Officer, and Chairman of the Board of Sapphire Energy, a biofuels company. Prior to Sapphire Energy, Ms. Warner served as Group Vice President of Global Refining and Group Vice President of Health, Safety, Security, Environmental and Technology for BP (British Petroleum). Ms. Warner serves as a member of the Board of Directors for IDEX Corporation and serves as a member of the National Petroleum Council.
“I am delighted and honored to be joining the Chevron Renewable Energy Group team as President and CEO,” said Warner. “This growing company is well positioned to meet the rising global demand for cleaner, competitive low carbon fuel solutions. I look forward to the exciting future ahead and to leading the team with a continued focus on value creation.”
During the leadership transition
will remain engaged with the business. Upon completion of the transition, Randy will continue to serve on the Chevron Renewable Energy Group Board of Directors, a position he has held since February 2007.
“It has been a great privilege to lead the experienced senior leadership team at Chevron Renewable Energy Group the last 18 months as they have delivered record setting performance in EBITDA, sales and production,” said Howard. “I look forward to supporting CJ as she applies her deep experience and strategic insights to furthering REG’s success and continuing our growth trajectory.”
About Chevron Renewable Energy Group
Chevron Renewable Energy Group 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. Chevron Renewable Energy Group 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, Chevron Renewable Energy Group is committed to being a long-term leader in bio-based fuel and chemicals.
Forward Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the Company’s future growth and value creation. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: potential 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 that the BTC may not be retroactively reinstated for 2018 or that it may be reinstated on less favorable terms; 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 fire, explosions, leaks and other natural disasters at our facilities; the effect of excess capacity in the biomass-based diesel industry; unanticipated changes in the biomass-based diesel market from which we generate almost all of our revenues; seasonal fluctuations in our operating results; 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 successfully implement our acquisition strategy; 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; and other risks and uncertainties described in Chevron Renewable Energy Group's annual report on Form 10-K for the year ended December 31, 2017, Form 10-Q for the quarter ended September 30, 2018 and other reports subsequently filed with the SEC. All forward-looking statements are made as of the date of this press release and Chevron Renewable Energy Group does not undertake to update any forward-looking statements based on new developments or changes in our expectations.
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