Unanimous Endorsement Follows 12 month Recruitment and Succession Planning
PHOENIX, AZ / ACCESSWIRE / April 26, 2016 / A leader in sustainable glycol technologies, GlyEco, Inc. ("GlyEco" or the "Company") ("GLYE"), announced today that its Board of Directors has unanimously appointed Mr. Grant Sahag as the Company's next Chief Executive Officer. Mr. Sahag, who currently serves as the Company's President, will succeed Mr. David Ide, the Company's Interim Chief Executive Officer and a member of the Company's Board of Directors, effective May 1st.
The selection of Mr. Sahag completes the process facilitated by the Board of Directors and the Company's management team in placing and repositioning internal staff to round out the leadership group of the Company.
"After thorough succession planning and a comprehensive internal process, the Board of Directors is pleased to have identified the best candidate to lead our organization," said Dwight Mamanteo, Chairman of the Company's Board of Directors. "Grant has worked diligently on behalf of GlyEco shareholders and now has the opportunity to create tremendous value as the Company extends its business and reaches profitability. We are counting on Grant's continued dedication to advance GlyEco and are excited for this announcement."
Mr. Mamanteo continued, "I appreciate the work by my fellow Board member, David Ide, to fill the breach and lead the organization during a difficult time. The Company is significantly better for the work he performed, and I thank him greatly on behalf of the Board and our shareholders."
Recently as President, Mr. Sahag has produced day-to-day execution of the Company's strategic initiatives, including the reinforcement of their supply chain, facilities improvement, expansion and integration of the Company's Quality Control & Assurance Program, implementation of field operation technology, and advancement of GlyEco University, the Company's intellectual property and education platform. Mr. Sahag also developed, with the Company's Interim Chief Executive Officer and Chief Financial Officer, the Company's financial goals for 2016, which include optimizing the business, identifying growth opportunities, and directly influencing the Company's profit and loss strategies.
Mr. Ide, who will exit the Interim Chief Executive Officer role on April 30th and thereafter continue as a member of the Company's Board of Directors, expressed confidence in the unanimous choice. "Grant is a remarkable leader who has been responsible for a great portion of our success over the past 12 months," said Ide. "I'm very happy with the time we have spent together, our achievements, and our focused direction moving forward, and I'm confident that Grant will ensure GlyEco continues to lead our ongoing evolution and leadership position in the industry."
"Grant's promotion to Chief Executive Officer is another step for GlyEco and its plans to become a stronger company that is better positioned to deliver long-term value to our shareholders." Mr. Ide added, "I believe in Grant, and I am confident that he is perfectly positioned at GlyEco to take on the additional responsibilities now under his influence."
"I'm honored, and I'm grateful to the Board for the opportunity to lead this exceptional organization of creative, dedicated and talented professionals," said Mr. Sahag. "We produce innovative, meaningful and quality solutions, every day, and our sustainable products impact the world far beyond our footprint."
Mr. Sahag thanked Mr. Ide for his leadership and the Company's operating team for not allowing the positioning of GlyEco in 2015 to disrupt the organization's operations or strategic activities. "David made tough decisions and created strategic direction necessary to put us in a position to succeed. Our managing partners in the field have done a remarkable job during 2015 of staying focused and moving forward," said Mr. Sahag. "The managers, drivers, and production team should have justifiable pride in the fact that what it has accomplished over the last year is no less innovative and forward-thinking than the work we will perform in the future."
With Mr. Sahag's promotion, the Company will continue to execute its strategic goals for 2016.
Mr. Sahag commented, "In 2016, we will continue what we started in 2015 with a committed focus on our business model. We have reduced costs and developed our strategy to increase revenues and increase margins, which we believe is achievable in 2016. Our management team and Board of Directors have worked together to create a strong foundation for GlyEco shareholders, employees, and customers. I am proud to lead the organization with a well-developed strategy, runway of capital, profitability on the horizon, and an expanding brand. We have a great deal to prove this year, and I thank my fellow shareholders for their patience, which we believe will pay off."
The Company's six strategic objectives for 2016 are to grow, optimize, innovate, train, systemize, and focus. The Company plans to expand in a balanced approach, growing its market share, adding products and services, improving margin on existing business, leveraging technology in all things we do in the field, laboratory, and hardware., educating our people and partners through GlyEco University, implementing institutionalize processes, and create singular focus. We will dedicate to our craft, and as leaders in the glycol industry, leverage our patented technology and people to provide trusted service and thought leadership to our customers. We are dedicated to being the very best in the glycol recycling and distribution business.
About GlyEco, Inc.
GlyEco collects and recycles waste glycol streams into reusable glycol products that are sold to third party customers in the automotive and industrial end-markets in the United States. Our proprietary and patented technology allows us to recycle all five major types of waste glycol into high-quality products usable in any glycol application. We are dedicated to being the standard in the glycol industry by providing the highest-quality products, services, and technology possible to our customers.
For further information, please visit: http://www.glyeco.com.
To partner or to start a project with us, please visit: Start a Project with GlyEco!.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the words "believe," "anticipate," "expect," "intend," "estimate," and similar expressions. All statements in this document regarding the future outlook related to GlyEco, Inc. are forward-looking statements. Such statements are based on the current expectations, beliefs, estimates and projections of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including the risk that the future data will not be as favorable as the initial results. Additional uncertainties and risks are described in our most recent Annual Report on Form 10-K. For a more detailed discussion of factors that affect GlyEco's operations, please refer our filings with the Securities and Exchange Commission ("SEC"). Copies of these filings are available through the SEC website at http://www.sec.gov. All forward-looking statements are based upon information available to us on the date hereof, and GlyEco undertakes no obligation to update this forward-looking information.
Contact:
GlyEco, Inc.
Ian Rhodes
Chief Financial Officer
[email protected]
866-960-1539 ext. 701
SOURCE: GlyEco, Inc.