Global Clean Energy Holdings, Inc. Announces Management Changes
November 24, 2023 at 03:01 pm EST
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On November 17, 2023, Nikhil Vasa, the Executive Vice President and Chief Financial Officer of Global Clean Energy Holdings, Inc. notified the Board of Directors of the Company (the ?Board?) of his resignation, effective on December 1, 2023. Mr. Vasa will continue in his role until the effective date of his resignation in order to ensure an orderly transition of his responsibilities.
On November 17, 2023, the Board appointed Wade Adkins to serve as the Company?s Chief Financial Officer, effective on December 1, 2023, to succeed Mr. Vasa. Mr. Adkins has served as the Company?s Senior Vice President and Chief Accounting Officer since September 2023. Mr. Adkins previously served as the Chief Financial Officer at Crossbridge Energy Partners, a global energy transition-focused platform in the downstream sector, from June 2021 to December 2022. Prior to that, he served as the VP of Finance for Origin International, Inc., a waste oil recycling and mobile vapor recovery company from May 2019 to June 2021. He also served in multiple accounting roles at Laureate Education, Inc., a higher-education public company, including Senior Director of Technical Accounting and Controller, and began his career with ten years at RSM US LLP between its assurance and transaction advisory services. Adkins is an active CPA and holds dual bachelor's degrees from Salisbury University in Accounting and Management Information Systems.
Mr. Adkins will serve at-will under the terms of his existing offer letter, and will be entitled to a base salary of $355,000 per year beginning on the effective date of his appointment. Mr. Adkins will be eligible to participate in the Company?s long-term equity incentive and short-term incentive programs, and will also be eligible for other benefits for similarly situated executives in accordance with the Company?s standard plans and polices. In addition, the Company will enter into a customary officer indemnification agreement with Mr. Adkins.
Global Clean Energy Holdings, Inc. is a vertically integrated renewable fuels company. It specializes in the development and cultivation of camelina, a nonfood, regenerative, intermediate oilseed crop, which is used to produce advanced biofuels and biomaterials. Its farm-to-fuels value chain integration provides unrivaled access to reliable, ultra-low carbon feedstocks and is unparalleled in the sustainable fuel's industry. It has developed a portfolio of elite varieties of Camelina sativa to be used as a feedstock for its Renewable Fuels Facility. Its product includes Renewable Diesel, Biofuels Oil Feedstock and Biomass Feedstock. Renewable diesel is made from the same feedstocks as biodiesel. The feedstock oil is needed to produce renewable jet, biodiesel, renewable diesel and hydrotreated vegetable oil supplied from edible seed oils, including soy, canola, sunflower and palm. Camelina produces a co-product from the oil extraction process which is a non-transgenic high protein meal.