By Ian Gilson, PhD, CFA When companies change CEOs it is not unusual for there to be a realignment of responsibilities and changes in senior management, as well as changes in strategic directions. However, in this case the strategic plan has been, for some time, to emphasize the IP of the zero platinum group catalysts and to move away from unprofitable metal bending. Over the past year there have been an unusual number of changes at Clean Diesel (CDTI), as summarized below. In December, 2013 Craig Breese, the CEO, resigned. The Principal Accounting Officer (who was also the Corporate Controller) gave notice on April 1, 2014 in order to accept a position at another company. In May, 2014 Derek Gray, a Director since 1998, did not stand for reelection. On July 7, 2014 Christopher Harris was appointed President and CEO. Mr. Harris was President of Catalytic Solutions. one of the predecessor companies. The company announced on July 11, 2014 that the HQ would be relocated from Ventura, CA to Oxnard, CA (where its catalyst production facilities are located). The CFO, who was also one of the two members of the Office of the President, resigned (with a generous compensation package) effective August 31, 2014 and will be succeeded by Mr. David E. Shea who was Corporate Controller at Catalytic Solutions prior to the formation of CDTI in 2010.
NASDAQ:CDTI
The Changing of the Guard:
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CDTI: Changing of the Guard
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