Crailar names new CFO ahead of jump to major exchange
By Erik Siemers
New Crailar Technologies Inc. CFO Ted Sanders
Crailar Technologies Inc. on Monday named a new chief financial officer with experience guiding startups into larger public enterprises.
The hiring of Ted Sanders comes as the company — with operations in both British Columbia and Portland — readies a move to a major U.S. stock exchange.
Crailar is working to commercialize its technology that makes sinewy, yet sustainably produced fibers like hemp and flax usable as textiles or other commercial products. While its stock is now traded on the Toronto Stock Exchange and the OTC Bulletin Board, the company's Portland-based CEO, former Adidas executive Ken Barker, has said moving to a major exchange will give the company and its investors better exposure.
The arrival of Sanders, who will join the company's growing Portland operations, gives Crailar a CFO seasoned in working with growing public companies.
He joins Crailar after three years as CFO of Carson, Calif.-based U.S. Auto Parts Network Inc. (NASDAQ: PRTS), where revenue rose during his stint to more than $325 million. Prior to that he was CFO of El Segundo, Calif.-based PCM Inc. (NASDAQ: PCMI), formerly known as PC Mall. Under his direction, the company's revenue grew to $1.2 billion over 10 years, the employee base grew to 60 workers and a company subsidiary launched an IPO.
"Ted strengthens the executive management team with experience at international publicly listed companies that saw significant growth during his tenure," Barker said in a news release. "This will prove to be invaluable to Crailar as we transform into a fully operational company and evaluate our intended listing on exchanges that provide broader access to Crailar stock."
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