Tom McKinlay to Retire Effective September 30, 2024; FutureFuel Undertaking National Search for a New Chief Executive Officer
FutureFuel (NYSE: FF) announced the retirement of CEO Tom McKinlay effective September 30, 2024. The company is conducting a national search for a new CEO, retaining an executive search firm for this purpose. A separation agreement has been established to ensure a smooth transition of McKinlay's duties. FutureFuel expressed gratitude for McKinlay's contributions to the company.
- FutureFuel is proactively conducting a nationwide search for a new CEO, indicating a commitment to finding the best leadership.
- The separation agreement ensures a smooth transition, which can help maintain business stability.
- FutureFuel publicly acknowledges the contributions of Tom McKinlay, which can boost internal morale and investor confidence.
- The announcement of the CEO's retirement can create uncertainty about FutureFuel's future leadership and strategy.
- A change in CEO may disrupt ongoing projects or future plans, potentially impacting the company's performance.
CLAYTON, Mo., May 29, 2024 (GLOBE NEWSWIRE) -- FutureFuel Corp. (NYSE: FF) (“FutureFuel”), a manufacturer of custom and performance chemicals and biofuels, today announced that Tom McKinlay, FutureFuel’s Chief Executive Officer, informed FutureFuel that he will retire effective September 30, 2024. FutureFuel has retained an executive search firm to conduct a nationwide search to replace Mr. McKinlay as Chief Executive Officer. FutureFuel and Mr. McKinlay have entered into a separation agreement to provide for an orderly transition of Mr. McKinlay’s duties and responsibilities. FutureFuel thanks Mr. McKinlay for his service to the Company.
About FutureFuel
FutureFuel is a leading manufacturer of diversified chemical products and biofuels. FutureFuel’s chemicals segment manufactures specialty chemicals for specific customers as well as multi-customer specialty chemicals. FutureFuel’s custom manufacturing product portfolio includes proprietary agrochemicals, adhesion promoters, a biocide intermediate, and an antioxidant precursor. FutureFuel’s performance chemicals products include a portfolio of proprietary nylon and polyester polymer modifiers and several small-volume specialty chemicals and solvents for diverse applications. FutureFuel’s biofuels segment primarily produces and sells biodiesel to its customers. Please visit www.futurefuelcorporation.com for more information.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements deal with FutureFuel’s current plans, intentions, beliefs, and expectations, and statements of future economic performance. Statements containing such terms as “believe,” “do not believe,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” and other phrases of similar meaning are considered to contain uncertainty and are forward-looking statements. In addition, from time-to-time FutureFuel or its representatives have made or will make forward-looking statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that the company makes with United States Securities and Exchange Commission (the “SEC”), in press releases, or in oral statements made by or with the approval of one of FutureFuel’s authorized executive officers.
These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, those set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FutureFuel’s Form 10-K Annual Report for the year ended December 31, 2023 and in its future filings made with the SEC. An investor should not place undue reliance on any forward-looking statements contained in this document, which reflect FutureFuel management’s opinions only as of their respective dates. Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revisions to forward-looking statements. The risks and uncertainties described in this document and in current and future filings with the SEC are not the only ones faced by FutureFuel. New factors emerge from time to time, and it is not possible for the company to predict which will arise. There may be additional risks not presently known to the company or that the company currently believes are immaterial to its business. In addition, FutureFuel cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. If any such risks occur, FutureFuel’s business, operating results, liquidity, and financial condition could be materially affected in an adverse manner. An investor should consult any additional disclosures FutureFuel has made or will make in its reports to the SEC on Forms 10-K, 10-Q, and 8-K, and any amendments thereto. All subsequent written and oral forward-looking statements attributable to FutureFuel or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this document.
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