Gevo Falls on Departure of Technology Executive Glassner
Gevo Inc. (GEVO), a U.S. biofuel producer backed by French oil company Total SA (FP) and specialty-chemicals maker Lanxess AG (LXS), fell the most in six days after the company’s vice president of technology left.
Gevo declined 4.3 percent to $2.01 at the close in New York, the most since Sept. 26.
David Glassner, executive vice president of technology, left the company effective Sept. 28, according to a regulatory filing yesterday. Englewood, Colorado-based Gevo didn’t give a reason for his departure and Christopher Ryan, president and chief operating officer, is assuming the additional role of chief technology officer.
The company has lost 39 percent of its market value since announcing Sept. 24 that it’s halting isobutanol production at its Luverne, Minnesota, plant. Gevo is shifting to ethanol at the facility while it adjusts its manufacturing process for converting corn into isobutanol, a biofuel that may be blended with gasoline or refined into jet fuel and specialty chemicals.
Brant DeMuth, a Gevo spokesman, didn’t immediately return a phone message today.
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