10:44 AM EDT, 05/20/2024 (MT Newswires) -- Danimer Scientific ( DNMR ) said Monday that Stephen Croskrey has informed the board that he plans to retire as chief executive not later than the end of this year.

Croskrey's employment contract expires at the end of this year, the company said.

Croskrey has also resigned as chair of the board, but he will continue to be on the board through his current term, and will be a nominee for reelection as a director at the annual shareholder meeting, Danimer said.

The board has named Richard Hendrix as chair, the company said, adding Hendrix will also be interim executive chair during the transition period to identify a CEO to succeed Croskrey.

The board has formed an executive committee that will lead the search process for a new CEO, Danimer said.