LOS ANGELES--(BUSINESS WIRE)--Dec. 10, 2014--
Rentech, Inc. (NASDAQ: RTK) announced today that Mr. D. Hunt Ramsbottom
has resigned as chief executive officer and president of Rentech and
chief executive officer of the general partner of Rentech Nitrogen
Partners, L.P. (NYSE: RNF) to pursue other opportunities. Mr. Ramsbottom
has also resigned as a member of the board of directors for both
Mr. Keith Forman, a member of Rentech Nitrogen’s board since October
2011, has been appointed as chief executive officer and president of
Rentech and chief executive officer of the general partner of Rentech
Nitrogen. He has also joined the board of Rentech. Mr. Forman has an
extensive background in master limited partnerships (MLPs). He has
worked with MLPs in a variety of roles including as a banker, a senior
executive and a director since the inception of MLPs in the 1980s. He
previously served as chief financial officer of Crestwood Midstream
Partners L.P., a private investment partnership focused on making equity
investments in the midstream energy market. He also served as senior
vice president for El Paso Corporation, a publicly traded provider of
natural gas services, and chief financial officer of GulfTerra Energy
Partners, L.P., a publicly traded MLP acquired by Enterprise Products
Partners L.P. Mr. Forman currently serves on the board of Capital
Product Partners L.P., a publicly traded shipping MLP.
“The board of directors thanks Hunt for his leadership over the past
nine years. Hunt spearheaded many successful transitional phases of the
company, including the initial public offering of Rentech Nitrogen, the
wind-down of the company’s alternative energy business and entry into
the wood fibre business,” said Mr. Halbert Washburn, chairman of the
board of directors. “We’re confident that Keith can continue to
successfully grow the company. With Keith’s rich experience in MLPs, we
believe he is well qualified to lead the company as it works toward its
goal of launching an MLP of the fibre business. As a member of Rentech
Nitrogen’s board, Keith’s familiarity with Rentech’s fertilizer business
will provide a smooth transition to his roles as CEO of Rentech and
“I’m proud of what we have built together here. After nine years, I feel
it is the right time to pass the baton and let new leadership take the
company into its next phase of growth. I remain very optimistic about
Rentech’s future,” said Mr. Ramsbottom.
About Rentech, Inc.
Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre processing,
wood pellet production and nitrogen fertilizer manufacturing businesses.
Rentech offers a full range of integrated wood fibre services for
commercial and industrial customers around the world, including wood
chipping services, operations, marketing, trading and vessel loading,
through its subsidiary, Fulghum Fibres. The Company’s New England Wood
Pellet subsidiary is a leading producer of bagged wood pellets for the
U.S. heating market. Rentech manufactures and sells nitrogen fertilizer
through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P.
(NYSE: RNF). Please visit www.rentechinc.com
for more information.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. These statements are
based on management’s current expectations and actual results may differ
materially as a result of various risks and uncertainties. Other factors
that could cause actual results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior press
releases and periodic public filings with the Securities and Exchange
Commission, which are available via Rentech’s website at www.rentechinc.com.
The forward-looking statements in this press release are made as of the
date of this press release and Rentech does not undertake to revise or
update these forward-looking statements, except to the extent that it is
required to do so under applicable law.
Source: Rentech, Inc.
Julie Dawoodjee Cafarella
of Investor Relations and Communications