The scientist who started Hawaii microalgae company Cyanotech Corp. 33 years ago is stepping back up to lead the firm after the resignation of CEO Brent Bailey.
Cyanotech announced the appointment of company founder and Chief Scientific Officer Gerald Cysewski to head the Hawaii island company Monday, saying the change was effective Thursday and that Cysewski will serve as CEO on an interim basis until a special board committee can find a permanent replacement.
Bailey said in a statement that he felt it was time to place more focus on his family after spending five years leading the company in a transformation from a bulk ingredient supplier to a branded consumer products manufacturer.
“I love this company and believe it is well positioned for the future,” he said. “It has been a privilege to lead Cyanotech.”
Bailey’s departure, which was announced Monday, follows recent struggles with production of Cyanotech’s base product, astaxanthin, and financial challenges for a company that was on pace for a third consecutive annual loss after four consecutive years of profit.
For the nine months leading up to Dec. 31, which represented the company’s first three fiscal quarters, Cyanotech had a $341,000 net loss, according to a financial report released in February. In the prior two fiscal years, Cyanotech lost $24,000 and $420,000, respectively.
Bailey was hired as Cyanotech CEO in 2011 and came to the company with executive experience in the nutritional supplement industry.
Michael Davis, Cyanotech’s board chairman, said in a statement that the company recognizes Bailey’s contributions, which included developing and maintaining important customer relationships and distribution channels while upgrading facilities and processes.
Davis also said the board is pleased to have Cysewski guide Cyanotech during the transitional phase.
Cysewski founded Cyanotech in 1983 and served as its CEO from 1990 to 2008. A natural-foods industry executive, Andrew Jacobson, took over as CEO in 2008 but was removed by the board in 2010, which led to a company director serving as interim CEO for nearly a year until Bailey was hired.
