BOULDER CITY, Nev. (Jan. 19) — Richard Steinke, founder, chairman and CEO of polyurethane tire technology developer Amerityre Corp., plans to resign from the company Oct. 1.
Amerityre´s board has initiated a search for a successor under the guidance of Kenneth C. Johnsen, president of the company from last August until two days ago, when he resigned that post. He was re-appointed a member of Amerityre´s board of directors on Jan. 15 to take up the transitional duties.
"I have discussed transition plans with the board for some time," Steinke said. "However, I feel it is extremely important that I oversee completion of several key ongoing projects at the company, while allowing adequate time to make an orderly transition.
"I believe that the board and I have designed a transition plan that meets my objectives while also ensuring that Amerityre continues its exciting progress toward achieving its significant potential."
Steinke, 63, founded Amerityre in 1995 as a firm dedicated to developing the use of polyurethane in tires and other products. During the transition period he will assume the president´s job as well.
The Boulder City-based company, which continues to promote its airless Arcus passenger tire concept, has never turned a profit in its 11-plus years of existence. Over that time period, it has chalked up losses exceeding $49 million on sales of about $8 million. In its most recent quarter, Amerityre reported a net loss of $1.2 million on sales of $635,903; in fiscal 2005, it posted a net loss of $5.32 million on sales of $2.03 million.
Amerityre also announced that Elliott Taylor, chief administrative officer, executive vice president, secretary and general counsel, will return to private law practice and become the company´s outside legal counsel following a 30- to 60-day transition period to allow his executive duties to be reassigned to Amerityre´s other executive officers.