Tim Obitts, chief legal officer for fledgling sustainable fuel producer Alder Fuels, has been named acting CEO of the company following the December 27 dismissal of renewable fuel industry veteran Bryan Sherbacow as president and CEO.
“As a result of enhanced management processes, the company uncovered that the now-former CEO, Bryan Sherbacow, engaged in questionable financial transactions that benefited him personally,” the company stated. “Upon discovery, the Board immediately commenced a comprehensive review of the transactions and terminated Mr. Sherbacow for cause.”
After joining the National Air Transportation Association in 2014, Obitts served as the president and CEO for three years before stepping down last September and joining Alder's staff. During his tenure as NATA head, he served as a champion for sustainable aviation fuel, tirelessly advocating for its adoption and increased production.
“We are grateful that Tim has stepped up as acting CEO,” stated Xavier Adserà, the Washington D.C.-based company’s chairman. “Tim is a proven aviation expert and industry leader, and we look forward to supporting him during this transitional phase.”
Alder Fuels has struck a number of partnerships with companies such as Honeywell, United Airline Ventures, Directional Aviation, and Avfuel as it builds its business of converting biomass, such as forest and crop residue, into a low-carbon to carbon-negative Alder Greencrude (AGC) that will meet jet-A specifications once refined. The company said it has “redeveloped its strategy to ensure the entirety of its resources are directed towards achieving the singular goal of advancing commercial deployment of AGC technology” and that it reorganized its personnel, operations, and partnerships to meet this goal.
It noted that it has secured new multimillion-dollar investments, and in late January received an award from the Department of Energy to accelerate its efforts. “We wish to express our sincere gratitude to strategic partners, sponsors, vendors, and investors who have been incredibly supportive as we move into the second phase of our journey,” the company said in announcing the organizational changes.