37 min
Jason Wells - Steering Novvi through strategic shifts and sustainability F+L Webcast
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- Economía y empresa
In a revealing interview, Jason Wells, now at the helm of Novvi LLC, sheds light on the company’s on-going restructuring and its new strategic direction. Wells’ transparent discussion about Novvi’s strategic direction and challenges paints a vivid picture of resilience and innovation in the base oil industry.
2023 marked a transformative year for Novvi. Beginning in August, the company underwent a major restructuring, leading to the departure of former President Jeff Brown. Wells, previously the Chief Technology Officer, stepped up as President, steering Novvi through this crucial phase. This restructuring process culminated in a Chapter 11 filing in Bankruptcy Court in the U.S. District & Bankruptcy Court for the Southern District of Texas, on December 1, 2023. Novvi's headquarters is in Alameda, California, U.S.A., but its plant is located in La Porte, Texas. This strategic move is part of a broader plan to streamline operations, optimise shareholder structure, and introduce new capital.
Wells also touched on the sensitive topic of Novvi's Chapter 11 filing, explaining it as the final stage in a restructuring process that started in August 2023. This filing, while drastic, was part of a broader strategy to streamline shareholder structure and bring in new capital. The goal is a swift exit from Chapter 11, expected by the end of January 2024.
Addressing the leadership change, Wells pointed out that the shift in strategy from focusing on scale and capital projects to prioritising profitability and commercial success in the current footprint necessitated new leadership. The future strategy involves a more customer and market-driven approach, emphasising sustainability not just in feedstock but also in application performance.
In a revealing interview, Jason Wells, now at the helm of Novvi LLC, sheds light on the company’s on-going restructuring and its new strategic direction. Wells’ transparent discussion about Novvi’s strategic direction and challenges paints a vivid picture of resilience and innovation in the base oil industry.
2023 marked a transformative year for Novvi. Beginning in August, the company underwent a major restructuring, leading to the departure of former President Jeff Brown. Wells, previously the Chief Technology Officer, stepped up as President, steering Novvi through this crucial phase. This restructuring process culminated in a Chapter 11 filing in Bankruptcy Court in the U.S. District & Bankruptcy Court for the Southern District of Texas, on December 1, 2023. Novvi's headquarters is in Alameda, California, U.S.A., but its plant is located in La Porte, Texas. This strategic move is part of a broader plan to streamline operations, optimise shareholder structure, and introduce new capital.
Wells also touched on the sensitive topic of Novvi's Chapter 11 filing, explaining it as the final stage in a restructuring process that started in August 2023. This filing, while drastic, was part of a broader strategy to streamline shareholder structure and bring in new capital. The goal is a swift exit from Chapter 11, expected by the end of January 2024.
Addressing the leadership change, Wells pointed out that the shift in strategy from focusing on scale and capital projects to prioritising profitability and commercial success in the current footprint necessitated new leadership. The future strategy involves a more customer and market-driven approach, emphasising sustainability not just in feedstock but also in application performance.
37 min