FutureFuel Corp. (NYSE: FF) (“FutureFuel” or the “Company”), a
manufacturer of custom and performance chemicals and biofuels,
announced today that Paul A. Novelly (“Tony Novelly”) has informed
FutureFuel’s Board of Directors that he will step down from his
position as Chief Executive Officer of the Company effective July
31, 2022. Mr. Novelly will continue as Chairman of FutureFuel’s
Board of Directors. Tony Novelly has served as Chairman
of the Board since the Company’s inception in 2005 and as its Chief
Executive Officer since 2013. The Company also announced today the
appointment to its Board of Paul Anthony Novelly, II (“P.A.
Novelly”) and Ronald J. Kruszewski.
CEO Transition - Thomas McKinlay to Serve as New
Chief Executive Officer
FutureFuel’s Board has named Thomas McKinlay,
the Company’s Chief Operating Officer, to succeed Tony Novelly as
Chief Executive Officer effective on Tony Novelly’s retirement.
“It has been a privilege to serve as CEO of
FutureFuel for the past nine years and to work with so many
excellent people at the Company,” said Tony Novelly. “I am very
proud of everything we have accomplished together over the course
of my tenure. I’m confident that I am leaving the Company’s
executive group in very capable hands. Tom McKinlay has proven
himself to be an indispensable leader over the past five years, and
I strongly believe that his qualifications and experience uniquely
position him to be FutureFuel’s next CEO. I also look forward to
continuing to contribute to the Company in my role as Chairman of
the Board.”
“On behalf of the entire Future Fuel team, I
would like to thank Tony Novelly for his many years of dedicated
leadership as Chief Executive Officer,” said Mr. McKinlay. “His
industry experience, skills and expertise, along with his knowledge
of our operations and strategies, have been invaluable assets to
our business. And, I anticipate I will continue to work closely
with Tony in his role as Chairman of the Board as we continue to
position the Company to capitalize on opportunities for future
growth.”
Mr. McKinlay has served as FutureFuel’s Chief
Operating Officer since January 2017. He is a Chemical Engineer and
business operations executive with over 30 years of global
experience in the oil and gas industry. Prior to his joining
FutureFuel, Mr. McKinlay was the owner and president of Gilrita
Consulting Limited, a U.K.-based independent downstream consultancy
firm. He was also Executive Vice President of Murphy Oil
Corporation for more than three years, a position which
incorporated the role of Managing Director of Murco Petroleum
Limited, a U.K.-based oil refining company.
Addition of Two New Directors
The Company also announced today the appointment
of P.A. Novelly and Ronald J. Kruszewski to its Board of
Directors.
P.A. Novelly, 55, is Chief Executive Officer of
Apex Oil Company, Inc., a privately held company based in St.
Louis, Missouri, which together with its affiliates is engaged in
trading, storage, marketing, and transportation of petroleum
products, including liquid terminal facilities in the Midwest and
Eastern United States, and towboat and barge operations on the
inland waterway system. He also serves as a director of Apex Oil
Company Charitable Foundation. P.A. Novelly has reported that, in
various a capacities, he may be deemed to share beneficial
ownership of common stock representing 39.9% of the Company’s
outstanding shares. P.A. Novelly is the son of Tony Novelly.
Ronald J. Kruszewski, 63, is Chairman of the
Board and Chief Executive Officer of Stifel Financial Corp., a New
York Stock Exchange-listed investment firm with multi-national
operations. He joined Stifel as Chief Executive Officer in 1997 and
was named Chairman in 2001. Mr. Kruszewski also is the current
Chairman of the American Securities Association (ASA) and serves on
the Board of Directors of the Securities Industry and Financial
Markets Association (SIFMA). From 2014 to 2019, he served on the
Federal Advisory Council of the Board of Directors of the Federal
Reserve Bank of St. Louis. Additionally, he serves on the Board of
Trustees of Saint Louis University and the U.S. Ski and Snowboard
Team Foundation.
“On behalf of the entire Board, I am pleased to
welcome P.A. and Ron as directors, reflecting our ongoing focus on
making sure FutureFuel’s corporate governance is aligned to
maximize the potential of the business to grow shareholder value.
We know they will bring valuable leadership and perspectives to our
Board,” said Tony Novelly.
About FutureFuel
FutureFuel is a leading manufacturer of
diversified chemical products, specialty chemical products, and
biofuel products. In its chemicals business, FutureFuel
manufactures specialty chemicals for specific customers (“custom
chemicals”), as well as multi-customer specialty chemicals
(“performance chemicals”). FutureFuel's custom chemicals product
portfolio includes proprietary intermediates for major chemical
companies and chlorinated polyolefin adhesion promoters and
antioxidant precursors for a major chemical company. FutureFuel’s
performance chemicals product portfolio includes polymer (nylon)
modifiers and several small-volume specialty chemicals for diverse
applications. FutureFuel’s biofuels segment primarily produces and
sells biodiesel. Please visit www.futurefuelcorporation.com for
more information.
Forward-Looking
Statements
This document contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements deal with
FutureFuel’s current plans, intentions, beliefs, and expectations,
and statements of future economic performance. Statements
containing such terms as “believe,” “do not believe,” “plan,”
“expect,” “intend,” “estimate,” “anticipate,” and other phrases of
similar meaning are considered to contain uncertainty and are
forward-looking statements. In addition, from time to time,
FutureFuel or its representatives have made or will make
forward-looking statements orally or in writing. Furthermore, such
forward looking statements may be included in various filings that
the Company makes with the U.S. Securities and Exchange Commission
(the “SEC”), in press releases, or in oral statements made by or
with the approval of one of FutureFuel’s authorized executive
officers.
These forward-looking statements are subject to
certain known and unknown risks and uncertainties, as well as
assumptions that could cause actual results to differ materially
from those reflected in these forward-looking statements. Factors
that might cause actual results to differ include, but are not
limited to, those set forth under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in FutureFuel’s Form 10-K Annual Report for
the year ended December 31, 2021, its Form 10-Q for the quarter
ended March 31, 2022, and in its future filings made with the SEC.
An investor should not place undue reliance on any forward-looking
statements contained in this document, which reflect FutureFuel
management's opinions only as of their respective dates. Except as
required by law, the Company undertakes no obligation to revise or
publicly release the results of any revisions to forward-looking
statements. The risks and uncertainties described in this document
and in current and future filings with the SEC are not the only
ones faced by FutureFuel. New factors emerge from time to time, and
it is not possible for the Company to predict which will arise.
There may be additional risks not presently known to the Company or
that the Company currently believes are immaterial to its business.
In addition, FutureFuel cannot reliably predict the impact of each
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
If any such risks occur, FutureFuel’s business, operating results,
liquidity, and financial condition could be materially affected in
an adverse manner. An investor should consult any additional
disclosures FutureFuel has made or will make in its reports to the
SEC on Forms 10-K, 10-Q and 8-K, including any amendments of those
filings. All subsequent written and oral forward-looking statements
attributable to FutureFuel or persons acting on its behalf are
expressly qualified in their entirety by the cautionary statements
contained in this press release.
COMPANY CONTACT
FutureFuel Corp.
Thomas McKinlay
(314) 854-8352
www.futurefuelcorporation.com
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