Cereplast Appoints Michael Okada as Chief Accounting Officer and Interim Chief
Financial Officer
EL SEGUNDO, Calif., Feb 13, 2012 (GlobeNewswire via COMTEX) -- Cereplast, Inc.
(CERP), a leading manufacturer of proprietary biobased, sustainable plastics,
today announced the appointment of Mr. Michael Okada as Vice President, Chief
Accounting Officer and interim Chief Financial Officer, effective immediately.
Mr. Okada replaces Heather E. Sheehan, Senior Vice President and Chief Financial
Officer, who is leaving the Company effective February 29, 2012 to accept another
opportunity.
Mr. Okada has served a fundamental role in the company's financial operations
since he joined the Company in April 2011 as Vice President and Corporate
Controller, providing strength and continuity to the finance department.
"Everyone from the management team to the board of directors have the utmost
confidence in Mr. Okada to succeed in his new role, and to provide a seamless
transition throughout this period," said Cereplast Chairman and CEO Mr. Frederic
Scheer. Prior to Cereplast, Mr. Okada served as Vice President of Finance,
Corporate Controller for Mindspeed Technologies, Inc. in Newport Beach, CA, where
he was responsible for general and international accounting, SEC reporting, and
Sarbanes-Oxley Act compliance. Mr. Okada has more than 20 years of experience in
senior executive roles, leading accounting and finance departments for both
private and public rapid-growth companies with a proven track record of success.
He received his Bachelor's degree in Accounting from Santa Clara University and
is a Certified Public Accountant.
Mr. Scheer stated, "I am very pleased to announce the promotion of Michael Okada
as our new Chief Accounting Officer and interim Chief Financial Officer. Michael
is a highly experienced executive with strong financial and operational
expertise. He has been a key member of our senior management team and he has
earned my confidence in his ability to manage our finance department. Our team
will remain strong during this transition." Mr. Scheer continued, "We appreciate
Ms. Sheehan's contributions to the Company and wish her success in her new
endeavors."
"This is an exciting time for the Company, and I look forward to leveraging my
knowledge and experience to support the growth and strengthening market position
of the Company," said Mr. Okada. "With the recent globalization of our
operations, and the favorable macro-economic environment for green initiatives,
Cereplast is well positioned to capitalize on the growth and demand for
bioplastics world-wide."
About Cereplast, Inc.
Cereplast, Inc. (CERP) designs and manufactures proprietary biobased, sustainable
bioplastics which are used as substitutes for traditional plastics in all major
converting processes - such as injection molding, thermoforming, blow molding and
extrusions - at a pricing structure that is competitive with traditional
plastics. On the cutting-edge of biobased plastic material development, Cereplast
now offers resins to meet a variety of customer demands. Cereplast
Compostables(R) Resins are ideally suited for single-use applications where high
biobased content and compostability are advantageous, especially in the food
service industry. Cereplast Sustainables(R) Resins combine high biobased content
with the durability and endurance of traditional plastic, making them ideal for
applications in industries such as automotive, consumer electronics and
packaging. Learn more at cereplast.com. You may also visit the
Cereplast social networking pages at Facebook.com/Cereplast,
Twitter.com/Cereplast and Youtube.com/Cereplastinc. |
