Vertex Energy Announces Retirement of Chief Operating Officer, James Rhame

Rhea-AI Summary

Vertex Energy (NASDAQ:VTNR) has announced the retirement of Chief Operating Officer James Rhame, effective July 25th, 2024. Rhame will continue in a consulting role through the end of 2024. Doug Haugh, the current Chief Commercial Officer, will assume the role of interim COO upon Rhame's retirement.

Rhame joined Vertex in 2022 to assist with the acquisition and transition of the Mobile, Alabama refinery. CEO Benjamin P. Cowart praised Rhame's contributions in developing talent and expertise for the safe and effective integration of the refinery into Vertex's asset portfolio.

Haugh expressed commitment to maintaining momentum as a reliable producer of refined products on the Gulf Coast, emphasizing safety and operational excellence.

Positive

• Smooth transition plan with Rhame continuing as a consultant through 2024
• Doug Haugh's experience in both commercial and operational functions

Negative

• Potential disruption in leadership with the departure of the COO

HOUSTON--(BUSINESS WIRE)-- Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced that Mr. James Rhame will be retiring as Chief Operating Officer (COO) effective July 25^th, 2024. Mr. Rhame has agreed to continue supporting Vertex in a consulting role through the end of 2024. Upon Mr. Rhame’s retirement, Mr. Doug Haugh, Vertex’s Chief Commercial Officer, will also assume the role of interim Chief Operating Officer.

Benjamin P. Cowart, President and CEO of Vertex, stated, “In 2022, we invited James to join our team and assist with the acquisition and transition of our refinery located in Mobile, Alabama, aware that he was planning to retire within a couple of years. Throughout this time, James has played a pivotal role in developing the talent and expertise to safely and effectively embed the Mobile, Alabama refinery into Vertex’s asset footprint. His guidance has been invaluable, and we look forward to his continued contributions in his new role as a consultant.”

Mr. Haugh brings extensive experience and a proven track record in leading both commercial and operational functions. “James’s commitments to safety and operational excellence have set an incredible example for all of us at Vertex and I am honored to continue his work advancing Vertex toward its strategic initiatives,” said Mr. Haugh. “We are committed to a seamless transition and maintaining our momentum as a reliable producer of refined products on the Gulf Coast.”

ABOUT VERTEX ENERGY

Vertex Energy is a leading energy transition company that specializes in producing high-quality refined products. The Company’s innovative solutions are designed to enhance the performance of its customers and partners while also prioritizing sustainability, safety, and operational excellence. With a commitment to providing superior products and services, Vertex Energy is dedicated to shaping the future of the energy industry.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717249150/en/

INVESTOR CONTACT

IR@vertexenergy.com

Source: Vertex Energy, Inc.

FAQ

When will James Rhame retire as COO of Vertex Energy (VTNR)?

James Rhame will retire as Chief Operating Officer of Vertex Energy (VTNR) effective July 25th, 2024.

Who will replace James Rhame as COO at Vertex Energy (VTNR)?

Doug Haugh, currently the Chief Commercial Officer, will assume the role of interim Chief Operating Officer at Vertex Energy (VTNR) upon James Rhame's retirement.

What role did James Rhame play in Vertex Energy's (VTNR) acquisition of the Mobile, Alabama refinery?

James Rhame joined Vertex Energy (VTNR) in 2022 to assist with the acquisition and transition of the Mobile, Alabama refinery, playing a pivotal role in developing talent and expertise for its integration into Vertex's asset footprint.

Will James Rhame continue to work with Vertex Energy (VTNR) after his retirement as COO?

Yes, James Rhame has agreed to continue supporting Vertex Energy (VTNR) in a consulting role through the end of 2024 after his retirement as COO.