HOUSTON, June 26, 2018 /PRNewswire/ --
RiceBran Technologies (NASDAQ:
RIBT) and (NASDAQ: RIBTW) ("RBT"), a global leader in the
production and marketing of value added products derived from rice
bran, today announced that Dr. Robert
Smith has informed the Board of Directors of his intention
to step down as President, Chief Executive Officer, and a member of
the Board of Directors on September 30,
2018. He will continue his service to RiceBran Technologies
providing transitional leadership assistance and overseeing
scientific initiatives through his retirement from RBT on
December 31, 2018.
The Board of Directors has appointed Brent Rystrom, the Company's current Executive
Vice President, Chief Operating Officer and Chief Financial
Officer, to succeed Dr. Smith as President and Chief Executive
Officer, effective October 1, 2018.
The Board also announced the promotion of Dennis Dykes, RBT's current Chief Accounting
Officer, to succeed Mr. Rystrom as Executive Vice President and
Chief Financial Officer. Mr. Dykes will also serve as Corporate
Secretary.
Brent Rosenthal, Chairman of the
Board, stated, "The Board thanks Dr. Smith for his many valuable
contributions during his years with RiceBran Technologies, and
especially during his two year tenure as CEO. He has successfully
executed our strategic plan to reposition the Company and enable
RiceBran Technologies to now focus on the ingredients industry,
supported by a strong balance sheet that positions us to grow and
scale the business. The Board looks forward to a seamless
transition as it promotes Brent
Rystrom and Dennis Dykes to
their new responsibilities. Brent
Rystrom and Dennis Dykes have
demonstrated leadership skills and are well qualified to lead the
Company going forward."
Commenting on his new role as CEO, Brent
Rystrom stated, "I am excited to take on the role of CEO in
October and to build on the success that Robert has achieved for
our company. I am confident that our whole team at RiceBran
Technologies can deliver exceptional growth in the coming years in
order to create lasting value for our stockholders. I look forward
to working with Robert and Dennis through this management
transition as well as leading this company toward its promising
future."
Dr. Smith also commented, "During my two year tenure as CEO, the
RiceBran team has accomplished significant achievements and is now
well positioned to advance its strategic plan for the future. Prior
to my assuming the role of CEO, I spent the majority of my career
in R&D and product development, and it is my desire to return
to those activities after my departure at the end of the year. I
look forward to working Brent, Dennis and the entire RBT team to
achieve a smooth transition and thank the Board for the trust and
confidence it placed in me during my tenure as CEO."
About RiceBran Technologies
RiceBran Technologies is a specialty ingredient company
servicing the food, animal nutrition, and specialty ingredient
products markets. We utilize our proprietary and patented
intellectual property to convert rice bran, one of the world's most
underutilized food sources, into a number of highly nutritious and
clean label ingredient products. The global target markets for our
products include food and animal nutrition manufacturers and
retailers, as well as specialty food, functional food and
nutritional supplement manufacturers and retailers. More
information can be found in the Company's filings with the SEC and
by visiting our website at http://www.ricebrantech.com.
Forward-Looking Statements
This release contains forward-looking statements, including, but
not limited to, statements about RiceBran Technologies'
expectations regarding growing its business and maximizing
shareholder value. RiceBran Technologies does not undertake to
update forward-looking statements in this news release to reflect
actual results, changes in assumptions or changes in other factors
affecting such forward-looking information. Assumptions and other
information that could cause results to differ from those set forth
in the forward-looking information can be found in RiceBran
Technologies' filings with the Securities and Exchange
Commission, including its most recent periodic reports.
Investor Contact:
Ascendant Partners, LLC
Richard Galterio
+ (732)-410-9810
rich@ascendantpartnersllc.com
SOURCE RiceBran Technologies