Codexis interim CEO allays investor fears on management changes

24 February 2012 00:05  [Source: ICIS news]

NEW YORK (ICIS)--US industrial biotechnology company Codexis assured investors on Thursday that the company will not amend its financial guidance following the departures of two top executives.

The company announced on 17 February that Alan Shaw had resigned as chief executive.

Codexis announced on 24 January the departure of chief financial officer Robert Lawson.

Interim CEO Paul Strumph said he has been speaking to investors in the past few days to address areas of concern on the management changes.

Strumph presented at the Jefferies Global Technology conference in New York City.

Strumph said Lawson’s departure was based on his decision to accept a position at a private software company while Shaw’s departure was a part of the Codexis’ board of directors' efforts to move the company from an R&D organisation to a public company focused on more operation and commercialisation processes.

“We want to address investors’ concern on the proximity of their departures, which is pure coincidence. People are trying to connect the dots and see if there’s something behind that,” said Strumph.

Codexis has retained an agency for a worldwide search on a new CEO, which will include both internal and external candidates.

The company is focusing on commercialisation of enzymes and fermentation-based fatty alcohols.

By: Doris de Guzman
+1 713 525 2653

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