Pacific Ethanol, a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the US, has announced its leadership succession plan.
The board of directors has appointed Mike Kandris as co-president and co-CEO. Neil Koehler retires on September 30.
The company has also announced it is increasing its focus on high-quality alcohol production.
Pacific Ethanol co-founder and chairman Bill Jones said: “Demand for high-quality alcohol, the primary ingredient for hand sanitisers and disinfectants, has grown significantly since the onset of the COVID-19 pandemic.
“These facilities have been part of our diversification strategy into high-quality alcohol, yeast, and additional high protein products and are performing well. We are confident Mike will advance additional initiatives and drive the next phase of our diversified strategy.”
Kandris added: “Our talented and committed team acted quickly to augment the high-quality production capacity in Pekin. A combination of factors, including lender support and PPP funding, provided us the financial means and time necessary to increase sales and negotiate forward contracts of high-quality alcohol with high contribution margins. As a result, we are forecasting strong financial performance at Pekin, which we expect to translate into positive EBITDA for the Company for the second quarter and full year of 2020.”
Koehler commented: “As we shift our emphasis to high quality alcohol production, this is an appropriate time for a transition. I am excited to work with Mike and the entire Pacific Ethanol team in supporting this new trajectory. I will also continue to advocate for the economic, carbon, octane, and health benefits of ethanol in my role as Chairman of the Renewable Fuels Association.”
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