Danimer Scientific Announces Steve Croskrey Retirement and Related Changes to the Company’s Board of Directors

21 May 2024

Danimer Scientific, Inc. a leading next generation bioplastics company focused on the development and production of biodegradable materials, announced today that Stephen E. Croskrey has informed the Board of Directors that he will retire as Chief Executive Officer not later than the end of this calendar year. Mr. Croskrey’s employment contract expires at the end of 2024 following nine years leading Danimer’s mission to commercialize its innovative biodegradable plastic resin, Nodax® PHA. Mr. Croskrey has led Danimer through the process of becoming a public company by merging with Live Oak Acquisition Corp in 2020. During Mr. Croskrey’s tenure, Danimer has acquired and expanded its Winchester, KY plant, which is now capable of producing over 32.5 million pounds of neat PHA or about 65 million pounds of finished product. Danimer currently supplies the resin for biodegradable and compostable drinking straws used by leading brands including Starbucks as well as the broadly distributed Phade brand of straws made by Wincup. Recently, the Company has also begun supplying resin for use in compostable plastic cutlery for a leading quick serve restaurant chain and for coffee pods sold in Europe.

In connection with his retirement announcement, Mr. Croskrey has resigned from his position as Chairman of the Board, effective May 20, 2024, though he will continue to serve on the Board through his current term and will be a nominee for reelection at this year’s annual meeting of stockholders. The Board has appointed Richard J. Hendrix as Chairman, serving in that role upon Mr. Croskrey’s resignation as Chairman. Mr. Hendrix also will serve as Interim Executive Chairman during the period of transition to identify a CEO to succeed Mr. Croskrey. Additionally, the Board has formed an Executive Committee comprised of Mr. Hendrix, John Amboian, David Moody, and Mr. Croskrey. The Executive Committee will be charged with leading the search process for a new CEO, along with oversight of strategy and shareholder engagement during the transition period. More detail regarding Mr. Croskrey’s retirement can be found in the 8-K filed by the Company today.

Mr. Hendrix commented, “We thank Steve for his tireless efforts over the past several years to lead the development of Danimer’s transformative technology and to build a strong pipeline of opportunities to commercialize and scale Nodax®. Taking our business to the next level will require a strong leader who can build enduring relationships with our customers and shareholders. We’re excited about our prospects for identifying a world-class CEO who can build on the progress made during Steve’s tenure.”

Mr. Croskrey added, “I’m grateful for the opportunity to have led Danimer to a leadership position in biodegradable polymers and to the verge of a substantial scaling process and a path to positive earnings and cash flow. I thank the entire Danimer team for your great work and dedication. I love your commitment to our mission, and I know that you will continue to do great things. I look forward to supporting a new CEO and seeing our customers, our employees, our shareholders, and our communities in Winchester, KY and Bainbridge, GA rewarded for their belief in our amazing PHA technology.”

About Danimer Scientific

Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 480 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.

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Media
Richard Ivey
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Source:businesswire.com