Origin Materials Announces Transition to Single CEO Leadership Structure Under John Bissell
17 Dezembro 2024 - 6:10PM
Business Wire
— Co-Founder and Co-CEO John Bissell to Serve
as Origin’s Chief Executive Officer —
— Rich Riley to Step Down as Co-CEO and from
Board, Hold Advisory Role Through End of 2025 —
Origin Materials (“Origin”) (NASDAQ: ORGN, ORGNW), a technology
company with a mission to enable the world’s transition to
sustainable materials, today announced that Origin Co-Founder and
Co-CEO John Bissell will serve as Chief Executive Officer,
effective December 31. Rich Riley will step down from his role as
Co-CEO and from the Origin Board, effective December 31, and will
remain at the Company in an advisory role through the end of 2025
to ensure a smooth and successful transition. Effective December
31, Origin CFO Matt Plavan will take on the additional role of
Chief Operating Officer.
“I want to thank Rich for his valuable contributions to Origin
these past four years,” said Bissell. “During Rich’s tenure, Origin
became a publicly listed company, and he was instrumental in
positioning Origin for our next phase of growth. We believe now is
the right time to transition to a single CEO structure, which will
enable quick and nimble operations as we expand our manufacturing
activities in 2025. We look forward to a smooth and orderly
transition ahead.”
Riley, who joined Origin as Co-CEO in 2020, helped steer the
company’s commercial efforts and go-to-market strategy. Riley has
been an advisor to and investor in Origin since 2010.
“I am extremely proud to have served Origin partners and
shareholders during my time at the company alongside John and our
amazing team,” said Riley. “We created a strong foundation together
and, with our PET caps and closures business now positioned for
rapid and sustained growth, I believe Origin has a bright future
ahead.”
“On behalf of the Board, I would like to thank Rich for his
contributions to Origin,” said Board Chair R. Tony Tripeny.
“Looking ahead to Origin’s future, we are excited for John, Matt
and the leadership team to continue driving the company forward to
unlock tremendous value our for shareholders and the world as we
commercialize our PET closures business.”
Bissell added: “Matt has strong manufacturing leadership
experience and a demonstrated record of successfully managing both
corporate finance and operations functions, having previously
served as COO/CFO of a publicly held medical device company. As we
enter our commercial production ramp-up phase, this is the perfect
time for us to deploy Matt’s operational horsepower as Origin’s
COO/CFO.”
About Origin Materials Origin is a technology company
with a mission to enable the world’s transition to sustainable
materials. Our innovations include PET caps and closures that bring
recycling circularity and enhanced performance to a ~$65 billion
market, specialty materials, and our patented biomass conversion
platform that transforms carbon into sustainable materials for a
wide range of end products. For more information, visit
www.originmaterials.com.
Cautionary Note on Forward-Looking Statements This press
release contains certain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
generally are accompanied by words such as “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “project,” “potential,”
“seem,” “seek,” “target,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding Origin’s business strategy, rapid and
sustained growth of Origin’s PET caps and closures business, timing
of expansion of manufacturing activities, and ability to transition
smoothly to a single CEO structure. The forward-looking statements
are based on various assumptions, whether or not identified in this
press release, and on the current plans, objectives, estimates,
expectations, and intentions of the management of Origin and are
not predictions of actual performance and inherently involve
significant risks and uncertainties. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on as, a guarantee, an
assurance, a prediction, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Origin. These
forward-looking statements are subject to a number of risks and
uncertainties including, but not limited to, the fact that Origin
Materials may be unable to successfully commercialize its products;
the effects of competition on Origin Materials’ business; the
uncertainty of the projected financial information with respect to
Origin; disruptions and other impacts to Origin’s business. Other
factors that could adversely affect the transactions described
above and the Company’s operations include those discussed in the
Company’s Quarterly Report on Form 10-Q filed with the U.S.
Securities and Exchange Commission (SEC) on November 14, 2024 under
the heading “Risk Factors,” and other documents Origin has filed,
or will file, with the SEC. If any of these risks materialize or
our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Origin Materials
presently does not know, or that Origin currently believes are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. Given these
risks and uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. We undertake no
obligation to revise or publicly release the results of any
revision to these forward-looking statements, except as required by
law.
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