CFO of struggling food company steps down

Todd Mitchell, CFO and COO of RiceBran Technologies has resigned to pursue another opportunity. The company has appointed Bill Keneally to serve as interim CFO.

RiceBran has its head office in Tomball. It converts raw rice bran into stabilized rice bran and derivative products such as rice-based proteins.

The company has revenues of $42 million. It hasn’t made an operating profit for at least 15 years. The company has a market capitalization of $6 million as well as net debt of $6 million.

After its most recent quarterly results, the company announced it was undergoing a strategic review of all possible alternatives to generate improved returns to its shareholders.

Mr. Mitchell was appointed CFO in July 2019 and added the COO role in December 2021.

Mr. Keneally, who is based in Atlanta, is actually employed by CXO Partners, a consulting firm that specializes in placing C-suite executives on an interim basis. The agreement is on a month-to-month basis. RiceBran will pay CXO $45,000 a month.  The services covered include assisting in the preparation of SEC filings and maintaining the data room.

SEC filing – 8-K RiceBran CFO

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