x

Posted 22 September, 2023

SOUTH DAKOTA SOYBEAN PROCESSORS LLC appointed new CEO

CEO Change detected for ticker OTC:SDSYA in a 8-K filed on 22 September, 2023.


  On September 19, 2023, the Board of Managers (the "Board") of South Dakota Soybean Processors, LLC (the "Company") appointed Carl Odde as Chief Operating Officer, and John Prohaska as VP of Processing, effective October 1, 2023. They will both report to Thomas Kersting, Chief Executive Officer, of the Company.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Consumer Goods • Food Products
South Dakota Soybean Processors LLC engages in the ownership and operation of a soybean processing plant and soybean oil refinery. The firm sells soybean meals to resellers, feed mills, livestock producers as livestock feed, and crude and refined soybean oil to the food, biodiesel and chemical industries. The company was founded in 1993 and is headquartered in Volga, SD.
Market Cap
$271M
View Company Details
SOUTH DAKOTA SOYBEAN PROCESSORS LLC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 19, 2023, the Board of Managers (the "Board") of South Dakota Soybean Processors, LLC (the "Company") appointed Carl Odde as Chief Operating Officer, and John Prohaska as VP of Processing, effective October 1, 2023. They will both report to Thomas Kersting, Chief Executive Officer, of the Company. 

Mr. Odde, who is 43 years old, began working for the Company in 2003 as a Project Manager. He was later promoted to Engineering Manager in 2007 where he has been responsible for overseeing the Company's daily engineering tasks necessary to operate the crush facilities. Mr. Odde holds a Bachelor of Science degree in Agricultural Systems Technology from South Dakota State University, Brookings, South Dakota.

Mr. Prohaska, who is 58 years old, began working for the Company in 1996 as the Operations Coordinator. He was later promoted to Engineering Coordinator in 2001, Engineering Manager in 2004, and Operations Group Manager in 2007 where he has been responsible for overseeing the Company's soybean processing and refining facilities. Prior to joining the Company, Mr. Prohaska was employed as Special Projects Manager with AGP. Mr. Prohaska holds a Bachelor of Science degree in Mechanized Agriculture and a minor in Agronomy, from South Dakota State University, Brookings, South Dakota.

Messrs. Odde and Prohaska have no written employment agreement with the Company and are at-will employees. Mr. Odde's annual salary will be $250,000, and Mr. Prohaska's annual salary will be $225,000. They will both continue to participate in the Company's profit-based incentive plan and benefit programs, under the same terms and conditions as all other employees.

There are no arrangements or understandings between Messrs. Odde and Prohaska and any other persons pursuant to which they were appointed as Chief Operating Officer and VP of Operations of the Company. They have no family relationships with the Company's managers or other executive officers and are not involved in any transaction, or any proposed transaction, that requires disclosure pursuant to Item 404(a) of Regulation S-K.