Cyanotech Corp. has named a new chief executive officer with an extensive resume that includes senior positions at a leading nutritional supplement supplier, a management consulting firm and several food and beverage companies.
Brent Bailey, whose appointment is effective Jan. 11, is the fourth executive to lead the Kona-based microalgae producer in the last 2 1/2 years. He replaces David Rosenthal, who has served as interim president and CEO since February. Rosenthal will stay on as a director, a position he has held since 2000.
"We are pleased that Brent has chosen to join Cyanotech," Rosenthal said in a news release. "He brings a wealth of experience in managing and marketing products both in the specialized world of neutraceuticals and in mainstream consumer product markets."
Bailey was most recently president of Unlocking Potential LLC, a North Carolina-based management consulting firm where he had worked since March.
Prior to that he was chief operating officer of Pharmavite LLC for nearly six years, helping turn the financially troubled company into a $500 million industry leader. Bailey led the team that drove the Nature Made brand to the No. 1 position in the nutritional supplement market, overtaking competitor Centrum.
Before working at Pharmavite, Bailey held various executive positions at Del Monte Foods, Dial Corp., McGaw Inc., Weyerhaeuser Co., Van de Kamp’s and Frito Lay.
The addition of Bailey also will allow Cyanotech to achieve compliance with the Securities and Exchange Commission’s independent director and audit committee requirements.
Cyanotech, a maker of nutritional products from microalgae, has been steadily improving its financial position since 2007 when it posted a $7.4 million loss. The company narrowed that to a $1.1 million loss in fiscal 2008 before swinging to profits of $1.1 million in fiscal 2009 and $1.4 million in fiscal 2010.
The company earned $400,000 in the first quarter of fiscal 2011, attributing the gain to steady sales of both its bulk spirulina and astaxanthin raw materials and its branded products, including BioAstin Natural Astaxanthin and Hawaiian Spirulina Pacifica.
Cyanotech products are produced from microalgae grown in ponds at its 90-acre facility in the Natural Energy Laboratory of Hawaii.
Cyanotech’s shares rose 4 cents to close at $2.12 yesterday on the Nasdaq market.