Monday, November 19, 2007
Syntroleum Announces Management Realignment, Cost Reduction and Financing
TULSA, Okla.--Syntroleum Corporation (NASDAQ:SYNM) announced that it has realigned the management team, restructured the organization and secured a portion of the financing for its Dynamic Fuels joint venture with Tyson Foods. The following management changes were announced: Effective December 28, 2007, John B. Holmes, Jr., the Company's Chief Executive Officer, has elected to retire from the Company. Mr. Holmes will resign his positions as an officer and director of the Company effective November 19, 2007. Effective December 2, 2007, Kenneth L. Agee, the Company's Chairman of the Board and Chief Research Officer, has elected to retire from the Company. Mr. Agee will resign his positions as an officer, director and chairman of the Board of Directors, effective November 19, 2007. Mr. Agee is currently in negotiations with the Company to purchase certain of the research and laboratory facilities. Effective November 19, 2007, Mr. Edward G. Roth has been elected by the Board of Directors as the Company's President and Chief Executive Officer. Mr. Roth was previously President and Chief Operating Officer. Effective November 19, 2007, the Board of Directors has elected Mr. Robert B. Rosene, a current director, as the non-executive Chairman of the Board. Link. Chart.
Posted by tva995 at 9:00 AM