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Mascoma Corp. announced Thursday that CEO Bruce Jamerson will step down as day-to-day chief of the cellulosic ethanol developer in order to spend more time managing the project finance and development of the company’s first commercial plant as chairman.
The move, Jamerson said, comes at the right time for the Lebanon, N.H., company as it transitions from early-stage technology development to large-scale production.
“When I came in, my strength — having a background on Wall Street — was raising capital,” Jamerson said in an interview with Mass High Tech. “That phase we’re kind of wrapping up. Now we’re going into an operating phase and scale-up phase where we need someone with manufacturing experience. At the same time, it frees me up to return to what I’m good at.”
Mascoma is developing its first commercial plant in Kincross, Mich., after its pilot production facility in Rome, N.Y., showed promise. Jamerson said he will be spending more time in Michigan as chairman of both Mascoma and Frontier Renewable Resources LLC, Mascoma’s Michigan-based operating subsidiary, working on the permitting and financing aspects of the project.
Jamerson was hired as CEO in March 2007 from VeraSun Energy Corp., a South Dakota ethanol company.
Mascoma has hired Russell Reynolds Associates to coordinate the search for a new CEO who would have experience in biotechnology, fuels or chemicals processing industries. In the interim, Mascoma’s vice president of research and development and operations, Jim Flatt, will take the role as president.
Jamerson expressed his support for Flatt. “I’ve worked closely with him, we’re in very close contact now. He’s a very capable individual and I’m sure he will do well,” he said.
Mascoma first announced in April its plans to move its headquarters from Boston to New Hampshire, where the company maintains its research and development laboratory. The move will result in 12 to 15 job cuts related to overlapping work and staff conflicts with the relocation, Mascoma officials announced; as a result, the company will also add some jobs in the new facility.
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