Announces Resignation of Brad Edson
PHOENIX, March 10 /PRNewswire-FirstCall/ -- NutraCea (OTC Bulletin Board: NTRZ), a world leader in stabilized rice bran (SRB) nutrient research and technology, announced today that James C. Lintzenich, chairman of the Audit Committee has been appointed to the role of Chief Executive Officer on an interim basis. Mr. Lintzenich will replace Brad Edson, who has resigned from his positions with the Company as President, CEO and a member of its Board of Directors effective immediately.
Mr. Edson will serve as a consultant to NutraCea as requested by Mr. Lintzenich and the Board of Directors during a transition period for up to two months following Mr. Lintzenich's appointment. NutraCea has commenced a formal search to identify a permanent Chief Executive Officer.
Mr. Lintzenich has been a member of NutraCea's Board of Directors since October 2005 and as a director of The RiceX Company, one of NutraCea's subsidiaries, since June 2003. He is currently overseeing the previously announced review initiated by the Audit Committee of the Board of Directors and the expected financial restatements for the year ended December 31, 2007, including the associated second, third and fourth quarters in 2007, and all of the quarters in 2008. Previously, Mr. Lintzenich was President and Chief Operating Officer of Sallie Mae, a leading provider of student loans in the U.S. He also served as Chief Executive Officer, Chief Operating Officer and Chief Financial Officer of USA Group, Inc., a leading student loan company.
Mr. Lintzenich, commented, "Our immediate, short-term focus is to conclude the Audit Committee's internal review of the accounting matters, complete the previously announced restatements expeditiously and resume normalized communications with our shareholders as quickly as possible.
"While we work through these near-term challenges,
Copyright©2009 PR Newswire.
All rights reserved