Hydromer, Inc. Announces Removal of CEO
Rhea-AI Summary
Hydromer, Inc. (HYDI) has announced the removal of Peter von Dyck as CEO, effective March 24, 2023. This decision follows a vote by the Board of Directors as part of a broader corporate restructuring aimed at improving the company's economic and financial position. Von Dyck, who held the CEO position since September 2018, led Hydromer through significant challenges, including the COVID-19 pandemic. Currently, the Board has opted to keep the CEO position vacant while they seek a suitable successor. Hydromer specializes in surface modification and coating solutions, providing services across various industries globally.
Positive
- Strategic corporate restructuring aimed at improving financial position.
- Company has a history of innovation with numerous proprietary formulations and patents.
Negative
- Leadership change may create uncertainty in strategic direction.
- CEO position remains vacant, potentially affecting decision-making and operations.
News Market Reaction 1 Alert
On the day this news was published, HYDI declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Hydromer Board of Directors Removes Peter von Dyck as CEO
CONCORD, NC, April 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- The Board of Directors of Hydromer, Inc. (PINK: HYDI) voted to remove Peter von Dyck as Chief Executive Officer of the Company, effective March 24, 2023. Peter von Dyck served in the role of CEO since September 14, 2018 and led the Company through the economic uncertainty of the COVID-19 pandemic and resulting aftereffects. Mr. von Dyck’s removal comes as part of a larger corporate leadership restructuring to better Hydromer’s economic and financial position in the coming years.
The Board has determined it to be in the Company’s best interest to leave the Chief Executive Officer position vacant at this time and has commenced the process of identifying suitable replacements for the Company’s chief executive officer.
About Hydromer®
Hydromer®, Inc & Subsidiary (the “Company”) is an ISO 9001:2015 global business-to-business (B2B) surface modification and coating solutions provider offering polymer research & development, and manufacturing services capabilities for a wide variety of applications. We are a U.S. public corporation domiciled in Concord, NC. Our customers are located across the United States of America, Europe, and Asia-Pacific. The Company was established in 1980, originally incorporated in the State of New Jersey. We are a U.S. Food and Drug Administration (FDA), Good Manufacturing Practice (GMP), International Organization for Standardization (ISO) 13485, and International Organization for Standardization (ISO) 9001 production facility. For over four decades, the Company has developed value-added solutions to serve businesses in domestic and international markets, in a wide range of industries. We manage numerous global B2B services such as, coating services, research and development, analytical testing, technology transfer, and dedicated machinery building, installation, and support. We have successfully developed numerous proprietary formulations and secured many patents worldwide at separate times throughout our history including, anti-microbial, anti-fog, anti-frost, condensation-controlling, hydrophilic and thromboresistant coatings.
Contact:
https://hydromer.com/
info@hydromer.com
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