Solegear Bioplastics founder, CEO Toby Reid steps down
Paul Antoniadis, a director of the company, will serve as interim CEO.
No reason was given for Reid’s departure, but a statement from the company mentioned that he was excited about the opportunity to spend more time with his family. Reid will also remain as strategic adviser to Solegear.
The Solegear board has approved the appointment of Paul Antoniadis, a director of the company, to serve as interim CEO. “As a Solegear director, investor and advisor to the management team, Paul has played an integral role in building Solegear’s commercial activities, strategic partnerships, and supply chain capabilities,” the company said in a statement. “He has extensive consumer technology and multi-channel retail achievements across North America, Asia and Europe – a background that will be very helpful as the company navigates the next phase of its growth.”
Reid founded Solegear in 2006. Early on, the company entered into an R&D agreement with the University of British Columbia, using their labs to carry out product development. By 2010, Solegear had developed Polysole, touted as a recyclable, compostable bioplastic suitable for thermoformed and injection molded rigid consumer packaging applications, which is based on PLA with a natural additive formulation; and a biocomposite called Traverse, consisting of a conventional thermoplastic matrix filled with bio fibers, such as rice husks, hemp husks or flax fiber. The company opted to scale up from pilot production by entering into tolling agreements, which allowing production on scales of up to several hundred million pounds. Besides producing on commercial scale, the company also continued to collaborate with a number of Canadian research institutions on the further development of its technologies.