PureCycle Announces Key Leadership Changes, New Chief Executive Officer

ORLANDO, Fla.-- Today, PureCycle Technologies, Inc. (NASDAQ: PCT) announced three key leadership changes effective August 5, 2022, that are expected to propel the company's transition to a leading global manufacturing and technology company. 

Mike Otworth, Chairman of the Board of Directors and CEO of PureCycle, will resign to return to Innventure, a company he helped found. Dustin Olson, PureCycle's current Chief Operating Officer and Chief Manufacturing Officer, is being promoted to the role of CEO and joining the Board of Directors effective August 5, 2022. Olson has been with PureCycle since 2021 leading manufacturing and operations. Dan Coombs, current member of PureCycle's Board of Directors, will be appointed, upon Mike's departure, to a newly created position of Executive Chairman of the Board of Directors. 

Mike Otworth said, "I am an entrepreneur at heart, and am excited to see PureCycle's progress over the last seven years. Taking PureCycle from an early concept to a publicly traded company has been an honor. We successfully added deep operational experience to our Board and management team to drive the execution of our business plan. Dustin has proven to be effective, eager, and has unprecedented work ethic. Dustin will lead this team and company into the next phase and will make PureCycle teams past and present proud."

Dustin Olson has over 20 years of plastics, petrochemical and refining experience in the United States, Europe, and China. Before joining PureCycle, he led multiple LyondellBasell commercial and operational businesses, delivering substantial growth in volume and profitability. 

Dustin Olson said, "I am honored and humbled with this appointment as PureCycle's next CEO.  I am excited for the opportunity to lead PureCycle during this important time. We have a strong and dedicated team in place to help our efforts in scaling our technology and addressing the planet's plastic waste crisis." 

Jeff Fieler, Board Member and chairman of the Nominating and Corporate Governance Committee, commented, "Dustin brings special talents, energy, deep industry experience with business and manufacturing processes, and a compelling vision that employees and customers can rally around. We believe Dustin is the right person to lead PureCycle forward toward project completion and full commercial operations."    

Dan Coombs, former executive vice president for LyondellBasell and current member of PureCycle's Board of Directors, has deep industry and business experience with large new technology facility startups, and a strong background with supercritical fluids. He will provide invaluable insight to Dustin's teams through the startup and initial operations. 

Dan Coombs, Board Member, PureCycle said, "It is an honor to be appointed as the Executive Chairman of PureCycle. Thanks to Mike's entrepreneurial spirit and passion for innovation and technology, PureCycle has built a clear path for long-term success. Dustin's continued dedication to PureCycle's mission and commitment to excellence makes him the right leader for our company. We look forward to continuing to work with him in this new role and know he will help us in our efforts to hit critical milestones."