ATLANTA—Vystar Corp. appointed Steven Rotman as its CEO and member of the board of directors, named three new members to its board of directors and relocated its headquarters to Worcester, Mass.
The move is effective immediately, according to a Vystar release.
Rotman has been president and CEO of Rotmans, a furniture and carpet retailer in New England, for more than 40 years. He is also the founder and managing partner of NHS Holdings L.L.C., a company that in 2015 became the exclusive distributor of Vytex natural rubber latex foam in the U.S. and laid the groundwork for Vytex's entrance to the home furnishings industry.
Vystar's management, largest creditors, partners NHS Holdings and major shareholders have worked together over the last six months to formulate a three-pronged strategic plan that would create a sustainable model to bring greater value to Vystar shareholders, said Rotman. The strategies are to revise Vystar's business model to enhance revenues beyond Vytex as a pure commodity; augment product offerings, profit margins and revenues through acquisition; and add depth to senior management.
The company will review potential asset purchases to enhance its balance sheet and will aggressively pursue new higher margin product lines that can increase Vystar revenue, he said. At the same time, the company plans to pay off about $3 million in short- and long-term debt payables.
William Doyle, Vystar's previous CEO and chairman, will continue with Vystar as a product development consultant and has relinquished his seat on the board of directors.