Rubicon Technologies Announces CEO Transition
01 July 2024 - 1:45PM
Business Wire
Phil Rodoni steps down; Osman Ahmed appointed interim CEO
Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (OTC:
RBTC), a leading provider of technology-based waste and recycling
solutions, today announced that Phil Rodoni will be stepping down
as CEO of Rubicon and as a member of the Company’s Board of
Directors (the “Board”), effective immediately. Osman Ahmed,
formerly lead independent director on Rubicon’s Board, has been
appointed interim CEO.
Ahmed served as lead independent director on Rubicon’s Board of
Directors since the fall of 2022. He is Co-Founder of New Circle
Capital, a structured capital provider to small and mid-cap
companies, and Senior Advisor at 10X Capital, a multi-strategy
technology investment firm.
“On behalf of the Board, I want to thank Phil for his valuable
contributions to Rubicon over the last nine years,” said Ahmed.
“Rubicon has made tremendous strides in multiple areas of the
business since our public listing, and I am enthusiastic about the
value creation opportunity that stands in front of us. I am
grateful to the Board for putting its trust in me during this
period of transition.”
In conjunction with his appointment, Ahmed has stepped down from
the Board’s Audit Committee and as lead independent director but
will remain as a member of the Board.
Rodoni has served as Rubicon’s CEO since 2022. Prior to that, he
served as the Company’s chief technology officer between 2015-2022.
He came to Rubicon from Esurance, where he held the role of vice
president of software development.
“It has been a pleasure leading Rubicon,” said Rodoni. “We have
come a long way as an organization, and I remain excited for the
Company’s future under its new leadership.”
In May, Rubicon announced the sale of its fleet technology
business unit in a deal that includes up-front cash of $61.7
million and an earnout consideration of $12.5 million that could
become payable in 2024. This strategic move underscores Rubicon’s
dedication to the RUBICONConnect™ product, which serves commercial
waste generators from small to medium-sized businesses to Fortune
500 companies. Many of the Company’s commercial customers are
looking to Rubicon to help them achieve sustainability goals with
tailored zero waste and circular economy solutions, including
through the Company’s Technical Advisory Services (TAS).
For more information about the CEO transition, please see the
Company’s shareholder letter dated July 1, 2024.
About Rubicon
Rubicon builds AI-enabled technology products and provides
expert sustainability solutions to waste generators and material
processors to help them understand, manage, and reduce waste. As a
mission-driven company, Rubicon helps its customers improve
operational efficiency, unlock economic value, and deliver better
environmental outcomes. To learn more, visit rubicon.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995 and within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of present or historical fact
included in this press release, are forward-looking statements.
When used in this press release, the words “could,” “should,”
“will,” “may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon current expectations, estimates, projections, and
assumptions that, while considered reasonable by Rubicon and its
management, are inherently uncertain; factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: 1) the outcome of any legal proceedings that
may be instituted against Rubicon or others following the closing
of the business combination; 2) changes in applicable laws or
regulations; 3) the possibility that Rubicon may be adversely
affected by other economic, business and/or competitive factors; 4)
Rubicon’s execution of anticipated operational efficiency
initiatives, cost reduction measures and financing arrangements;
and 5) other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2023 (filed March 28, 2024
with the Securities and Exchange Commission (the “SEC”)),
Registration Statement on Form S-3, as amended, filed with the SEC,
and other documents Rubicon has filed with the SEC. Although
Rubicon believes the expectations reflected in the forward-looking
statements are reasonable, nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward looking statements will be
achieved. There may be additional risks that Rubicon presently does
not know of or that Rubicon currently believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements, many of which are beyond Rubicon’s
control. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Rubicon
does not undertake, and expressly disclaims, any duty to update
these forward-looking statements, except as otherwise required by
applicable law.
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Investor Contact: Alexandra Clark
Director of Finance & Investor Relations
alexandra.clark@rubicon.com
Media Contact: Benjamin Spall
Director of Communications benjamin.spall@rubicon.com