Rentech Announces Retirement of Chairman and Appointment of Successor
June 29 2011 - 8:30AM
Business Wire
Rentech, Inc. (NYSE AMEX: RTK) announced today that Dennis L.
Yakobson retired from the position of non-executive Chairman of the
Board of Directors on June 28, 2011 after nearly 30 years of
service as Chairman. Mr. Yakobson will remain a director of Rentech
and serve as Chairman Emeritus. Halbert S. Washburn, a director at
Rentech for over 5 years, has been appointed non-executive Chairman
of the Company’s Board of Directors effective June 28, 2011.
“We are very grateful to Dennis for his many contributions to
Rentech during the past several decades as Chairman and we are
pleased that he will continue to serve as a member of our Board,”
said D. Hunt Ramsbottom, President and CEO of Rentech. “As a
founder and Chairman of Rentech, Dennis was instrumental in
developing Rentech’s technologies and shaping the Company’s vision
as a global provider of clean energy solutions. The transition of
his role on the Board comes at a time when Rentech is focusing on
the execution of commercial energy projects and related financing
transactions.”
Commenting on Mr. Washburn’s appointment as Chairman, Mr.
Ramsbottom said, “We are pleased to welcome Hal to the role of
Chairman of the Board. Hal has been a director of Rentech since
2005 and has 25 years of experience in the energy industry. Hal’s
experience managing public energy companies will greatly benefit
Rentech. The Board and I look forward to working closely with Hal
as Rentech focuses its strategy on profitable growth opportunities
in the energy space.”
In addition to his new role as Chairman, Mr. Washburn serves on
Rentech’s audit and compensation committees. Mr. Washburn is
the Chief Executive Officer of BreitBurn GP, LLC, the general
partner of BreitBurn Energy Partners LP (NASDAQ: BBEP).
Mr. Yakobson said, “My time with Rentech over the past 30
years has been one of the most exciting periods in my
professional life. I have been honored to be a part of the team
that grew Rentech from a concept born in the early eighties to
where it is today, a company poised for commercial growth. I firmly
believe that Hal’s experience in the financial and public company
arenas will bring the required corporate experience needed for
Rentech to execute on its business strategy, and I look forward to
continuing to work with Hal on the Board.”
Mr. Washburn commented, “On behalf of the Board, I’d like to
thank Dennis for his significant contributions to Rentech’s
evolution as Chairman. I look forward to guiding the Company into
the next phase of commercial success, with a keen focus on
increasing shareholder value.”
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com), incorporated in 1981,
provides clean energy solutions. The Company's Rentech-SilvaGas and
Rentech-ClearFuels biomass gasification processes can convert
multiple cellulosic biomass feedstocks into synthesis gas (syngas)
for production of renewable fuels and power. Combining the
gasification processes with Rentech's unique application of syngas
conditioning and clean-up technology and the patented Rentech
Process based on Fischer-Tropsch chemistry, Rentech offers an
integrated solution for production of synthetic fuels from
cellulosic biomass. The Rentech Process can also convert syngas
from fossil resources into ultra-clean synthetic jet and diesel
fuels, specialty waxes, and chemicals. Final product upgrading and
acid gas removal technologies are provided under an alliance with
UOP, a Honeywell company. Rentech develops projects and offers
licenses for these technologies for application in synthetic fuels
and power facilities worldwide. Rentech Energy Midwest Corporation,
the Company's wholly-owned subsidiary, manufactures and sells
nitrogen fertilizer products including ammonia, urea ammonia
nitrate, urea granule, and urea solution in the corn-belt region of
the central United States. Rentech has been recognized by Biofuels
Digest as one of the 50 Hottest Companies in Bio-energy and has
been named as one of the Biofuels Digest Companies of the Year for
its recent innovations and achievements, particularly in aviation
biofuels.
Safe Harbor Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
about matters such as the outlook Rentech. These statements are
based on management's current expectations and actual results may
differ materially as a result of various risks and uncertainties.
Other factors that could cause actual results to differ from those
reflected in the forward-looking are set forth in the Company's
press releases and periodic public filings with the Securities and
Exchange Commission, which are available via Rentech's web site at
www.rentechinc.com. The forward-looking statements in this press
release are made as of the date of this release, and Rentech does
not undertake to revise or update these forward-looking statements,
except to the extent that it is required to do so under applicable
law.
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