PureCycle Technologies Inc., Orlando, Florida, has appointed Lawrence “Larry” Somma chief financial officer (CFO) to lead the company’s financial strategy. Somma is expected to begin as the company’s CFO Nov. 15.
According to a news release from PureCycle, Somma has nearly three decades of experience in the corporate finance sector at publicly traded companies within the plastics, manufacturing, hospitality and consumer goods industries. Most recently, Somma spent eight years at LyondellBasell Industries N.V. as vice president of finance strategy and transformation for two years and as vice president and corporate treasurer for six years.
“[Larry] has the deep financial experience and industry knowledge to lead our financial team and capital strategy during the next phase of our growth,” says Mike Otworth, CEO of PureCycle. “Larry will bring a valuable perspective to PureCycle as we continue to successfully execute our vision and objectives relative to scaling the business globally.”
Somma’s experience includes developing global finance strategies, raising project and corporate capital, overseeing treasury operations and liquidity management, leading enterprise risk management and managing financial risk, including foreign exchange, commodity and interest rate. In his role as a corporate treasurer, Somma completed six debt issuances totaling $6 billion. Additionally, Somma has had an expatriate assignment leading a procurement team, managing investor relations activity and serving as a leading team member for an initial public offering, a corporate spinoff and a leveraged buyout.
Otworth adds that Somma’s experience will help the company as it plans to open its Ironton, Ohio, facility by the fourth quarter of 2022 as well as begin development on a facility in Augusta, Georgia.
“PureCycle is taking meaningful action to help end the plastic waste crisis, and I’m proud to be joining this team,” Somma says. “PureCycle has experienced meaningful expansion and success already, and I’m incredibly excited to deploy my financial expertise, business contacts and perspective to help PureCycle scale and bring this revolutionary idea and technology to market.”
PureCycle reports that Somma will succeed Michael Dee in the CFO position. Dee served as PureCycle’s CFO since the November 2020 announcement of the merger with Roth CH Acquisition I. According to the company, Dee helped to raise about $750 million for PureCycle’s expansion and helped ensure the completion of the merger into a publicly listed company. Dee will serve in an advisory role for the next 60 days.
Otworth adds, “I’d like to thank Michael Dee for his tremendous work over the past year here at PureCycle. He has played an instrumental role in advancing our company to where we are today. His years of experience and knowledge of financial institutions helped PureCycle achieve a successful merger into a public company and secure much-needed capital to build our flagship facility.”