Green Plains rises as investor Ancora demands CEO's removal or review of options

Green Plains

07/08/2023 17:53

** Shares of renewable fuel producer Green Plains  GPRE.O 
rise 3.6% to $32.92 
    ** Invest management firm Ancora Holdings Group, which owns
7% stake in GPRE, sends a letter to GPRE's board on "apparent
misconduct" of CEO Todd Becker
    ** Ancora seeks either a succession plan to remove Becker
from the helm or form a special committee of independent
directors to run a disclosed review of strategic alternatives,
including sale options 
    ** Ancora raises questions on how Becker, CEO of GPRE for 15
years, was allowed to sell shares worth about $2 million through
the second-quarter when results were hit due to an explosion at
its Wood River plant
    ** Co adds that it issued a letter in July as well about
Becker and says that it is troubled by the GPRE board's
'lackadaisical response' to the serious issues it raised 
    ** GPRE reported a Q2 net loss of $0.89/shr on Friday vs a
net income of $0.73/shr in the year-ago quarter
    ** Including session's gain, stock up 8.1% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))