- After about four years in the position
- Praise and thanks for Croskrey
- Search for a successor
- Croskrey said 98 words
(exechange) — Bainbridge, Georgia, May 20, 2024 — Steve Croskrey, chief executive of Danimer, is set to leave his position. As announced by Danimer Scientific Inc. in a news release and in a regulatory filing published on Monday, May 20, 2024, Stephen E. (Steve) Croskrey leaves his post as chief executive officer at the bioplastics company, after about four years in the role, effective on or before December 31, 2024.
Danimer will undertake a search for a successor.
“Next level”
Danimer did not give an explicit reason for Steve Croskrey’s planned departure from the CEO post. Richard J. Hendrix, who was appointed as Chairman, stated: “Taking our business to the next level will require a strong leader who can build enduring relationships with our customers and shareholders.”
Precise information regarding Steve Croskrey’s future plans was not immediately available.
“Retire”
Danimer said: “Stephen E. Croskrey has informed the Board of Directors that he will retire as Chief Executive Officer not later than the end of this calendar year.”
Danimer further said: “On May 20, 2024, Stephen E. Croskrey informed Danimer Scientific, Inc. … of his intention to retire from employment with the Company on or before December 31, 2024.”
Share price decline since May 2021
The announcement follows a decline in Danimer Scientific Inc.’s share price of 97% since May 2021.
In the position of CEO since 2020
Steve Croskrey became CEO of the Company in 2020.
Stephen E. Croskrey has served as Chief Executive Officer of Danimer since December 2020 and Chairman of the Board from December 2020 until his retirement announcement and resignation as Chairman of the Board in May 2024.
From February 2016 through the Business Combination, Croskrey was Chief Executive Officer and a member of the Board of Directors of Legacy Danimer.
Croskrey is a business leader with over 30 years of experience in overseeing the strategic direction and operations of companies that manufacture and market a variety of products such as industrial fibers and law-enforcement gear.
From 1999 to 2005, Croskrey served as the President and Chief Executive Officer of Armor Holdings Products, LLC, a major manufacturer of military, law enforcement, and personnel safety equipment. During such tenure its annual revenue increased from $45 million to over $300 million as a result of him overseeing the acquisition and integration of 13 companies and implementing associated organic growth initiatives.
Croskrey has also held senior executive positions at Allied Signal and Mobil Oil.
Croskrey received an MBA degree from the Kellogg School of Management at Northwestern University.
He also received a Bachelor of Science degree in Engineering from the United States Military Academy at West Point where he was also commissioned as an officer in the U.S. Army and served as a company commander, attaining the rank of captain during his six years of active duty.
98 words by Steve Croskrey
In the release announcing his departure as CEO of Danimer Scientific Inc., Steve Croskrey received praise and thanks.
In the release announcing his departure as CEO, Steve Croskrey said 98 words.
“I look forward to supporting a new CEO”
Steve Croskrey stated: “I’m grateful for the opportunity to have led Danimer to a leadership position in biodegradable polymers and to the verge of a substantial scaling process and a path to positive earnings and cash flow. I thank the entire Danimer team for your great work and dedication. I love your commitment to our mission, and I know that you will continue to do great things. I look forward to supporting a new CEO and seeing our customers, our employees, our shareholders, and our communities in Winchester, KY and Bainbridge, GA rewarded for their belief in our amazing PHA technology.”
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.