Gevo Names Director Ruth Dreessen as Chairman; Shai Weiss Steps Down
ENGLEWOOD, Colo., Sept. 22, 2015 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) announced today that Ruth Dreessen, a Director since 2012, has been named Chairman of the Board, and that Shai Weiss, Director and Chairman, has stepped down from the Board of Directors. These changes will take effect immediately.
In addition, Gary Mize, Director since 2011, will assume the role of Audit Committee Chairman. Ms. Dreessen, who has served as the Audit Committee Chairman since 2012, will remain a member of the Audit Committee.
Ms. Dreessen has been involved in the chemicals industry for over 25 years and has served on the board of several public companies including Axiall Corporation (previously Georgia Gulf) and Westlake Chemical. She was also Chief Financial Officer at TPC Group, Inc. and Westlake Chemical, and previously spent many years at JPMorgan Securities in the Global Chemicals investment banking group. She is currently on the board of Targa Resource Partners LP (NGLS) and a managing director of Lion Chemical Capital, a private equity firm focused on the chemical industry.
"I'm excited to play an expanded leadership role as Gevo transitions to its next phase of commercial growth. I'm pleased that all litigation and patent disputes are behind us, and that we can focus unimpeded on commercialization and growth," said Ms. Dreessen.
"I'm delighted that Ruth will assume the Chairman role. Ruth has been a valuable board member for several years. Her experience in the chemicals sector is wide and multifaceted, and gives her great strategic perspective to lead our board. I really look forward to working with her in this capacity," said Patrick Gruber, Gevo's Chief Executive Officer.
Mr. Weiss, who became CFO and Director of Virgin Atlantic Limited in July 2015, stated, "I am very pleased with Gevo's progress toward making renewable fuels and chemicals commercially available. The positive resolution of the dispute with Butamax puts Gevo on solid footing for success and acceleration of its business. Alternatives to petroleum-based jet fuel, such as Gevo's alcohol-to-jet fuel, present a potentially exciting opportunity since jet fuel demand will continue to increase based on the expansion of air travel worldwide. I wish Gevo great success and know that it is in great hands with Ruth as its new Chairman."
"Shai was instrumental in recruiting me to come to Gevo and has been with us as a Director for over eight years. I wish Shai the very best in his role at Virgin Atlantic. I thank him for his long, dedicated service and his ongoing friendship," said Dr. Gruber.
Gevo is a leading renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo's strategy is to commercialize biobased alternatives to petroleum-based products to allow for the optimization of fermentation facilities' assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, Minn. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, Texas, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc. and Total SA, among others. Gevo is committed to a sustainable bio-based economy that meets society's needs for plentiful food and clean air and water.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2014, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo.
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