Plastic Energy’s founder Carlos Monreal has stepped down as CEO after 13 years in the role.
Since the start of March, Moreal has become the company’s new chairman, where he remains actively involved in the governance and future of the company.
While the Board performs a search for a new permanent CEO, Ian Temperton, formerly Plastic Energy’s EVP of Sales and Corporate Development, has taken on the role of Interim CEO.
The UK-based chemical recycler has developed proprietary technology that enables hard-to-recycle end-of-life plastics to be recycled using a thermal anaerobic conversion (TAC) process. The output of the process, called Tacoil, is suitable for use as feedstock from which ultimately virgin-quality food-grade packaging can be produced.
In 2021, Plastic Energy raised €145 million to drive growth and expand its chemical recycling technology. It currently operates two plants in Spain and is planning a third. Construction on additional plants in France and the Netherlands is also underway.