HOUSTON, June 26, 2018 /PRNewswire/ --
RiceBran Technologies (RIBT) and (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.
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.
Ascendant Partners, LLC