- PureCycle ( NASDAQ: PCT ) on Thursday has announced the departure of CEO and Chairman Mike Otworth, effective Aug. 5, 2022.
- The recycling technology has promoted its chief operating officer and chief manufacturing officer Dustin Olson as the company's new CEO while director Dan Coombs is appointed to a newly created position of executive chairman of the Board.
- PureCycle told that Mike Otworth has resigned to return to Innventure, a company he helped found.
- Stock is down 5.5% in after-hours trading to trade at $7.02.
- "Dan Coombs, former executive vice president for LyondellBasell and current member of PureCycle's Board of Directors, has deep industry and business experience with large new technology facility startups, and a strong background with supercritical fluids," report.
- On May 17, Seeking Alpha Quant Rating System issued warning on PureCycle at the high risk of performing badly due to negative EPS revisions and inferior profitability when compared to other materials stocks.
- Quant's Sell rating sets the stock analysis stand apart from Wall Street's Strong Buy .
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PureCycle stock slides 5% after Chairman and CEO Mike Otworth resigns