Crailar Technologies Inc. has named Ted Sanders to the position of chief financial officer, succeeding Guy Prevost, who will remain with the company as corporate controller and compliance officer.
Sanders will work out of the firm’s U.S. operations in Portland, Ore. Prevost, who has been with the company since November 2005, will be based in Victoria, B.C.
Sanders was most recently cfo of U.S. Auto Parts, where revenues doubled during his three-year tenure to more than $325 million through organic growth and acquisitions.
“Ted strengthens the executive management team with experience at international publicly listed companies that saw significant growth during his tenure,” said Ken Barker, chief executive officer of Crailar. “This will prove to be invaluable…as we transform into a fully operational company and evaluate our intended listing on exchanges that provide broader access to Crailar stock.”
Crailar offers cost-effective and environmentally sustainable natural fiber in the form of flax, hemp and other bast fibers for use in textile, industrial, energy, medical and composite-material applications. The company supplies its flax to Hanesbrands Inc., Georgia-Pacific, Brilliant Global Knitwear, Tuscarora Yarns, Target Corp. and Kowa Co. for commercial use, and to Levi Strauss & Co., Cintas, Carhartt, Ashland, PVH Corp., Cotswold Industries and Lenzing for evaluation and development.
In accordance with Sanders’ appointment, he has entered into a services agreement with the company and has been granted a vesting stock option, over 12 months, to acquire up to 200,000 common shares of Crailar stock at an exercise price of $2.24 per common share and for a period of up to five years from the date of grant.
Earlier this month Crailar retained MZ Group as its investor relations advisor in Canada and the U.S. for communicating its corporate, financial and investor-related developments to shareholders and investors, as well as expanding its shareholder base, particularly in the U.S. and Canada.