GreenMan Appoints New CEO

Tire recycling company GreenMan Technologies, Lynnfield, Mass., has appointed Lyle E Jensen to the posts of president and chief executive officer. Jensen was previously the director and chair of the company’s audit committee. He also serves on the company’s board.

Jensen succeeds Robert H. Davis, who resigned as CEO and president to pursue other interests, according to a press release from GreenMan.

Nicolas DeBenedictis, an independent director, will serve as the company’s interim audit committee chair and has become a member of the compensation committee, another obligation that Jensen left to fulfill his new duties.

“Lyle has been one of our toughest critics with regards to balance sheet management and multi-site operational checks and balances,” Maury Needham, GreenMan’s chairman of the board, says. “His breadth of operational experience, business acumen and leadership skills make him an excellent choice to lead GreenMan as we begin a new chapter in our history.”

Jensen says, “I look forward to working more closely with our senior management team to accelerate the turnaround and financial restructuring of GreenMan as well as accelerate our efforts to explore strategic alternatives to increase shareholder value.” He adds, “I am up to the challenge and ready to get started.”

Jensen’s previous experience includes serving as executive vice president and COO of Auto Life Acquisition Corp. and a member of the board of directors of Western Capital Holding LLC, a shareholder.

In related news, Jensen has agreed to purchase 500,000 shares of unregistered GreenMan common stock, valued at $140,000, while DeBenedictis has agreed to convert nearly $76,000 of short-term debt and accrued interest into approximately 273,000 shares of unregistered GreenMan commonstock. Issuance of the shares is subject to approval by the American Stock Exchange.