Cereplast Appoints Michael Okada as Chief Accounting Officer and Interim Chief
EL SEGUNDO, Calif., Feb. 13, 2012 (GLOBE NEWSWIRE) -- Cereplast, Inc.
(Nasdaq:CERP), a leading manufacturer of proprietary biobased, sustainable
plastics, today announced the appointment of Mr. Michael Okada as Vice
President, Chief Accounting Officer and interim Chief Financial Officer,
effective immediately. Mr. Okada replaces Heather E. Sheehan, Senior Vice
President and Chief Financial Officer, who is leaving the Company effective
February 29, 2012 to accept another opportunity.
Mr. Okada has served a fundamental role in the company's financial operations
since he joined the Company in April 2011 as Vice President and Corporate
Controller, providing strength and continuity to the finance department.
"Everyone from the management team to the board of directors have the utmost
confidence in Mr. Okada to succeed in his new role, and to provide a seamless
transition throughout this period," said Cereplast Chairman and CEO Mr.
Frederic Scheer. Prior to Cereplast, Mr. Okada served as Vice President of
Finance, Corporate Controller for Mindspeed Technologies, Inc. in Newport
Beach, CA, where he was responsible for general and international accounting,
SEC reporting, and Sarbanes-Oxley Act compliance. Mr. Okada has more than 20
years of experience in senior executive roles, leading accounting and finance
departments for both private and public rapid-growth companies with a proven
track record of success.He received his Bachelor's degree in Accounting from
Santa Clara University and is a Certified Public Accountant.
Mr. Scheer stated, "I am very pleased to announce the promotion of Michael
Okada as our new Chief Accounting Officer and interim Chief Financial Officer.
Michael is a highly experienced executive with strong financial and
operational expertise. He has been a key member of our senior management team
and he has earned my confidence in his ability to manage our finance
department. Our team will remain strong during this transition." Mr. Scheer
continued, "We appreciate Ms. Sheehan's contributions to the Company and wish
her success in her new endeavors."
"This is an exciting time for the Company, and I look forward to leveraging my
knowledge and experience to support the growth and strengthening market
position of the Company," said Mr. Okada. "With the recent globalization of
our operations, and the favorable macro-economic environment for green
initiatives, Cereplast is well positioned to capitalize on the growth and
demand for bioplastics world-wide."
About Cereplast, Inc.
Cereplast, Inc. (Nasdaq:CERP) designs and manufactures proprietary biobased,
sustainable bioplastics which are used as substitutes for traditional plastics
in all major converting processes - such as injection molding, thermoforming,
blow molding and extrusions - at a pricing structure that is competitive with
traditional plastics. On the cutting-edge of biobased plastic material
development, Cereplast now offers resins to meet a variety of customer
demands. Cereplast Compostables® Resins are ideally suited for single-use
applications where high biobased content and compostability are advantageous,
especially in the food service industry. Cereplast Sustainables® Resins
combine high biobased content with the durability and endurance of traditional
plastic, making them ideal for applications in industries such as automotive,
consumer electronics and packaging. Learn more at www.cereplast.com. You may
also visit the Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast and Youtube.com/Cereplastinc.
The Cereplast, Inc. logo is available at
CONTACT: Cereplast, Inc.
(310) 615-1900 x154
Alliance Advisors, LLC
Cereplast, Inc. Logo
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