Biofuel company Gevo, Inc. announced a 41 percent staff cut at its Englewood headquarters Tuesday, reducing its head count from 56 to 33 employees. The announcement follows losses such as share prices reaching as low as 30 cents. Most of the cuts occurred in the company’s technology group.
“While this decision translates into meaningful costs savings for the Company, it has also been driven by the advanced stage of Gevo’s isobutanol technology and thus fewer resources are needed at this time,” the company said in its statement. “Gevo has determined this to be an opportune time to scale down the team to focus primarily on technology optimizations, as well as to support the commercial operations at Luverne and isobutanol licensing.”
The company’s CEO Patrick Gruber volunteered to take 25 percent of his base pay, equating to $125,000 per annum, in the form of Gevo stock. This will be implemented through a deferred compensation program led by the Gevo board of directors’ compensation committee.