Metabolix Appoints Joseph Shaulson to Lead Company as New Chief Executive
CAMBRIDGE, Mass., Dec. 19, 2013
CAMBRIDGE, Mass., Dec. 19, 2013 /PRNewswire/ -- Metabolix, Inc. (NASDAQ: MBLX)
today announced that its Board of Directors has appointed Joseph Shaulson as
its new president and chief executive officer (CEO) effective January 2, 2014
and as a member of the Board of Directors, effective immediately. Shaulson,
previously Executive Vice President of Arch Chemicals, will succeed Richard
Eno, who will remain with the Company until January 31, 2014 to assist with
Shaulson, 48, brings nearly 20 years of experience as a senior executive with
mid-sized specialty chemicals and advanced materials companies and as a
corporate lawyer specializing in corporate development and corporate finance
transactions. While at Arch Chemicals, Shaulson had responsibility for a
variety of global businesses, including Personal Care and Industrial Biocides,
Wood Protection, Performance Products and Industrial Coatings. He also led
Arch's strategic planning and corporate development functions when he joined
the company as Vice President, Strategic Development in 2008.
"Joe is a proven executive who has successfully led and developed global
chemicals and materials businesses," commented Robert Van Nostrand, Chairman
of the Board. "His broad experience with specialty products in diverse
applications and dynamic end markets is a great fit for Metabolix as we work
to accelerate the progress of our biopolymers business and navigate through
the next stage of our development and growth."
From 1996 to 2007, Shaulson served in various leadership positions at Hexcel
Corporation, an advanced composites company, including President of the
Reinforcements Business Unit. From 1991 to 1996, he served as a corporate
associate at the law firm Skadden, Arps, Slate, Meagher & Flom. Shaulson
received a Bachelor of Science degree in Economics and a Master of Business
Administration degree from the Wharton School at the University of
Pennsylvania, as well as a Juris Doctor degree from the University of
Pennsylvania Law School.
Metabolix also announced that Barbara Wells and Jay Kouba will be resigning as
members of the Board of Directors effective January 2, 2014 to focus on other
personal and professional pursuits.
Van Nostrand added, "On behalf of the Board, I thank Rick for his leadership
and contributions to Metabolix during the past five years that have positioned
the Company for growth in high value markets. In addition, we extend our
appreciation to both Barbara and Jay for their contributions and many years of
In connection with this appointment, Metabolix granted Shaulson inducement
equity awards in accordance with NASDAQ Listing Rule 5635(c)(4). The grants,
which were made outside the Metabolix 2006 Stock Option and Incentive Plan,
were approved by the Compensation Committee of the Company's Board of
Directors, and the Board of Directors, as an inducement material to Shaulson's
entering into employment with Metabolix. The inducement grants to Shaulson
consist of (i) nonqualified options to purchase 1,150,000 shares of Metabolix
common stock with a 10-year term and an exercise price equal to the closing
price of the Company's common stock on the date of grant; (ii)up to 600,000
shares of common stock that vest in various percentages once certain Metabolix
stock price or revenue based targets are achieved; and (iii) the sale of
250,000 shares of Metabolix common stock to Shaulson on his start date at a
price 10% below the closing price of the Company's common stock on today's
date (subject to a 1-year holding period). Shaulson's stock option for
1,150,000 shares will vest as follows: 25% on the second anniversary of his
start date, 25% on the third anniversary of his start date and the remaining
50% on the fourth anniversary of his start date, subject to his continued
employment with Metabolix over such period, or other employment termination
events that could continue the vesting terms. In the event of a change of
control, all of Shaulson's unvested options will become fully-vested
Metabolix, Inc. is an advanced biomaterials company that is well positioned to
address growing market demand for sustainable solutions in the plastics,
chemicals and energy industries. The Company is developing and commercializing
a family of high-performance biopolymers targeted to the markets for film and
bag applications, performance additives and functional biodegradation.
Metabolix's biobased chemicals platform is focused on high-value segments and
applications using its novel "FAST" recovery process. The Company also is
developing a platform for co-producing plastics, chemicals and energy from
crops. Metabolix has established an industry-leading intellectual property
portfolio that, together with its knowledge of advanced industrial practice,
provides a foundation for industry collaborations.
For more information, please visit www.metabolix.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements in this release do not constitute guarantees of
future performance. Investors are cautioned that statements in this press
release which are not strictly historical statements, including, without
limitation, statements regarding expectations for future performance
constitute forward-looking statements. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause actual results
to differ materially from those anticipated, including the risks and
uncertainties detailed in Metabolix's filings with the Securities and Exchange
Commission. Metabolix assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.
Lynne H. Brum, 617-682-4693 LBrum@metabolix.com
SOURCE Metabolix, Inc.
Press spacebar to pause and continue. Press esc to stop.