- Push-out Score determined
- After almost 10 years in the position
- Praise and thanks for Novelly
- Tom McKinlay taking over
- Novelly will remain as Chairman at FutureFuel
- Novelly spoke at length and said 159 words
(exechange) — Clayton, Missouri, July 11, 2022 — Tony Novelly, chief executive of FutureFuel, leaves his position. As announced by FutureFuel Corp. in a news release and in a regulatory filing published on Monday, July 11, 2022, Paul A. (Tony) Novelly leaves his post as chief executive officer at the manufacturer of custom and performance chemicals and biofuels, after almost 10 years in the role, effective July 31, 2022.
Tony Novelly’s duties as CEO will be taken over by Thomas (Tom) McKinlay, currently Chief Operating Officer at FutureFuel Corp.
“With a view to facilitating an orderly plan of succession”
FutureFuel did not give an explicit reason for Tony Novelly’s departure from the CEO post. FutureFuel said: “On July 8, 2022, Paul A. Novelly (“Tony Novelly”), Chairman and Chief Executive Officer of FutureFuel Corp. (the “Company”) advised the Board of Directors (the “Board”) of the Company that he will retire as Chief Executive Officer of the Company, effective July 31, 2022 with a view to facilitating an orderly plan of succession among the Company’s senior management.”
Novelly will remain as Chairman at FutureFuel
“Mr. Novelly will continue as Chairman of FutureFuel’s Board of Directors. Tony Novelly has served as Chairman of the Board since the Company’s inception in 2005 and as its Chief Executive Officer since 2013,” FutureFuel said.
“Step down”
FutureFuel said: “Paul A. Novelly (“Tony Novelly”) has informed FutureFuel’s Board of Directors that he will step down from his position as Chief Executive Officer of the Company effective July 31, 2022.”
Share price decline since July 2017
The announcement follows a decline in FutureFuel Corp.’s share price of 54% since July 2017.
In the position of CEO since 2013
Tony Novelly became CEO of the Company in 2013.
Paul A. Novelly has been the Company’s chairman of the board since inception and chief executive officer since January 2013.
Novelly is chairman and chief executive officer of Apex Oil Company, Inc., a privately-held company based in St. Louis, Missouri engaged in the trading, storage, marketing, and transportation of petroleum products, including liquid terminal facilities in the Midwest and Eastern United States, and towboat and barge operations on the inland waterway system.
Novelly is president and a director of AIC Limited, a Bermuda-based oil trading company, a director and the chairman of World Point Terminals, Inc., a Delaware company based in Missouri that, through its operating subsidiaries, owns and operates petroleum storage facilities in the United States, and chief executive officer of St. Albans Global Management, Limited Partnership, LLLP, which provides corporate management services.
In the past five years, Novelly was a director of WPT GP, LLC, a wholly owned subsidiary of World Point Terminals, Inc. and general partner of World Point Terminals, LP.
World Point Terminals, LP was a publicly traded master limited partnership listed on the New York Stock Exchange until July 2017.
He currently serves on the board of directors at Boss Holdings, Inc., a distributor of work gloves, boots and rainwear, and other consumer products, and FCB Financial Holdings, Inc., a holding company whose material subsidiary is Florida Community Bank.
Novelly previously served on the board of directors of World Point Terminals, Inc., a Canadian and Toronto Stock Exchange company and the predecessor to World Point Terminals, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Tony Novelly’s move on a scale of 0 to 10.
exechange reached out to FutureFuel and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2022 ($).