By Kailyn Rhone
Origin Materials named John Bissell as its chief executive officer, as the company moves to a sole-CEO structure following the departure of co-founder Rich Riley.
Riley, who served as co-CEO since 2020, will exit the role effective Dec. 31, but will remain at the West Sacramento, Calif.-based chemicals company in an advisory role through the end of 2025.
Bissell, Origin's co-founder and co-CEO, will transition into CEO effective Dec. 31. The company's chief financial officer Matt Plavan will also take an additional role of chief operating officer on Dec. 31.
"We believe now is the right time to transition to a single CEO structure, which will enable quick and nimble operations as we expand our manufacturing activities in 2025," said Bissell.
Bissell's total compensation in 2023 was $810,567, including a $300,000 base salary, according to an annual proxy filing from the company. Riley's was $915,657, including a $400,000 base salary.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 17, 2024 17:20 ET (22:20 GMT)
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