- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Otworth
- Dustin Olson taking over
- Otworth said 85 words
(exechange) — Orlando, Florida, June 30, 2022 — Mike Otworth, chief executive of PureCycle, leaves. As announced by PureCycle Technologies Inc. in a news release and in a regulatory filing published on Thursday, June 30, 2022, Michael (Mike) Otworth leaves his post as chief executive officer at the plastic recycling technology company, after almost seven years in the role, effective August 5, 2022.
Mike Otworth’s duties as CEO will be taken over by Dustin Olson, currently Chief Operating Officer and Chief Manufacturing Officer at PureCycle Technologies Inc.
Dan Coombs, current member of PureCycle’s Board of Directors, will be appointed, upon Mike Otworth’s departure, to a newly created position of Executive Chairman of the Board of Directors.
“To propel the company’s transition”
PureCycle did not give an explicit reason for Mike Otworth’s departure from the CEO post. PureCycle said: “PureCycle Technologies, Inc. (NASDAQ: PCT) announced three key leadership changes effective August 5, 2022, that are expected to propel the company’s transition to a leading global manufacturing and technology company.”
“Resign”
PureCycle said: “Mike Otworth, Chairman of the Board of Directors and CEO of PureCycle, will resign to return to Innventure, a company he helped found.”
PureCycle further said: “On June 24, 2022, Michael Otworth notified the Board of Directors (“Board”) of PureCycle Technologies, Inc. (the “Company’) of his decision to resign as Chairman of the Board and Chief Executive Officer of the Company effective August 5, 2022.”
“Not the result of any disagreement”
“Mr. Otworth’s decision to resign was not the result of any disagreement with the Company or its management,” PureCycle said.
Share price decline since June 2021
The announcement follows a decline in PureCycle Technologies Inc.’s share price of 61% since June 2021.
In the position of CEO since 2015
Mike Otworth became CEO of the Company in 2015.
Michael Otworth serves as the Company’s Chief Executive Officer from October 2015 and non-independent Chairman of Board from March 2021.
Otworth was the co-founder and Chief Executive Officer of Innventure, LLC, a venture capital firm and affiliate of PCT from October 2015 to January 2021.
Prior to Innventure, Otworth served as President and Founding Partner of Green Ocean Innovation from 2008 to 2015, which provided technology sourcing and innovation strategy and development services to Lilly/Elanco Animal Health primarily focusing on therapeutics, diagnostics, and various medical devices.
Prior to Green Ocean, Otworth served as Vice-President and Founding Chief Executive Officer of multiple start-ups at XL TechGroup, a venture capital firm, from 1996 to 2000.
Otworth began his career on Capitol Hill working as a legislative aide and committee staff member in the U.S. House of Representative after attending Otterbein University and Ohio State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mike Otworth’s move on a scale of 0 to 10.
exechange reached out to PureCycle and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2022 ($).