Rentech, Inc. Announces Management Change
December 10 2014 - 3:30PM
Business Wire
Rentech, Inc. (NASDAQ: RTK) announced today that Mr. D. Hunt
Ramsbottom has resigned as chief executive officer and president of
Rentech and chief executive officer of the general partner of
Rentech Nitrogen Partners, L.P. (NYSE: RNF) to pursue other
opportunities. Mr. Ramsbottom has also resigned as a member of the
board of directors for both companies.
Mr. Keith Forman, a member of Rentech Nitrogen’s board since
October 2011, has been appointed as chief executive officer and
president of Rentech and chief executive officer of the general
partner of Rentech Nitrogen. He has also joined the board of
Rentech. Mr. Forman has an extensive background in master limited
partnerships (MLPs). He has worked with MLPs in a variety of roles
including as a banker, a senior executive and a director since the
inception of MLPs in the 1980s. He previously served as chief
financial officer of Crestwood Midstream Partners L.P., a private
investment partnership focused on making equity investments in the
midstream energy market. He also served as senior vice president
for El Paso Corporation, a publicly traded provider of natural gas
services, and chief financial officer of GulfTerra Energy Partners,
L.P., a publicly traded MLP acquired by Enterprise Products
Partners L.P. Mr. Forman currently serves on the board of Capital
Product Partners L.P., a publicly traded shipping MLP.
“The board of directors thanks Hunt for his leadership over the
past nine years. Hunt spearheaded many successful transitional
phases of the company, including the initial public offering of
Rentech Nitrogen, the wind-down of the company’s alternative energy
business and entry into the wood fibre business,” said Mr. Halbert
Washburn, chairman of the board of directors. “We’re confident that
Keith can continue to successfully grow the company. With Keith’s
rich experience in MLPs, we believe he is well qualified to lead
the company as it works toward its goal of launching an MLP of the
fibre business. As a member of Rentech Nitrogen’s board, Keith’s
familiarity with Rentech’s fertilizer business will provide a
smooth transition to his roles as CEO of Rentech and Rentech
Nitrogen.”
“I’m proud of what we have built together here. After nine
years, I feel it is the right time to pass the baton and let new
leadership take the company into its next phase of growth. I remain
very optimistic about Rentech’s future,” said Mr. Ramsbottom.
About Rentech, Inc.
Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre
processing, wood pellet production and nitrogen fertilizer
manufacturing businesses. Rentech offers a full range of integrated
wood fibre services for commercial and industrial customers around
the world, including wood chipping services, operations, marketing,
trading and vessel loading, through its subsidiary, Fulghum Fibres.
The Company’s New England Wood Pellet subsidiary is a leading
producer of bagged wood pellets for the U.S. heating market.
Rentech manufactures and sells nitrogen fertilizer through its
publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (NYSE:
RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com
for more information.
Safe Harbor Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
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 statements are
set forth in the Company’s prior press releases and periodic public
filings with the Securities and Exchange Commission, which are
available via Rentech’s website at www.rentechinc.com. The forward-looking statements
in this press release are made as of the date of this press 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.
Rentech, Inc.Julie Dawoodjee CafarellaVice president of
Investor Relations and Communications310-571-9800ir@rentk.com
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