Renewable Energy Group, Inc. President and Chief Executive Officer Daniel J. Oh has resigned, according to a news release from the Ames, Iowa,-based company. Oh also resigned from the company's board of directors, effective on July 3.
In the interim the company appointed Randolph L. Howard as president and CEO, according to the news release. He is a long-time member of the company's board of directors.
Renewable Energy Group operates 14 active bio-refineries, a feedstock processing facility, research and development capabilities.
The resignation comes at a time when the publicly traded company's stock is on the rise. According to Nasdaq.com, REG's stock has gained nearly 32% in the past month.
"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.
The company released a brief statement from Oh, "I am extremely proud of the REG team and the success we achieved over the past 10 years."
Randolph L. Howard has served as a member of REG's board since February 2007, according to the REG release.
"Mr. Howard has extensive leadership experience in all aspects of a complex energy business, including international experience," REG said. "He was a senior executive with Unocal Corp. 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."
Stroburg said, "We expect a seamless transition and firmly believe Randy Howard is an ideal choice to begin taking REG to the next level. 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."
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