MyEco CEO Extends Term by One Year Amid Search for Successor

Leadership Transition Underway

MyEco Group Ltd (ASX, MCO), a prominent player in sustainable packaging and bioplastics, has announced a significant leadership development. Richard Tegoni, the company’s CEO and Executive Director, has agreed to extend his tenure for up to another year. This extension provides the Board with a window to conduct a comprehensive and public search for a new chief executive officer.

Mr Tegoni, who has been instrumental in steering MyEco through a recent restructuring and positioning it as a leader in the bioplastics marketplace, expressed a desire to transition from his CEO role to an active director position. The Board has welcomed this move, emphasizing the importance of a well-planned succession to maintain the company’s momentum.

Strategic Search for New Leadership

The search for a new CEO will be led by Greg Halse, a trusted adviser to MyEco and Partner at Forvis Mazars. This broad and public search aims to attract candidates capable of advancing MyEco’s growth trajectory and innovation in biodegradable and compostable packaging solutions. The company’s global footprint, with manufacturing in China and sales offices spanning Australia, Malaysia, Mexico, and the USA, demands a leader with both strategic vision and operational expertise.

Non-Executive Chairman Jim Walsh highlighted the dual role Tegoni will play during this transition period, continuing to lead the company while shaping a robust succession plan. This approach aims to ensure stability and continuity as MyEco navigates the evolving sustainable materials landscape.

Implications for MyEco’s Future

MyEco Group’s strong patent portfolio and expanding brand presence position it well in the competitive bioplastics sector. Tegoni’s ongoing involvement as a board member and advisor is expected to provide valuable continuity and industry insight. However, the eventual appointment of a new CEO will be closely watched by investors and industry observers alike, as leadership changes often herald shifts in strategic priorities and operational focus.

As the company embarks on this leadership transition, stakeholders will be keen to see how the new CEO will build on the foundation laid by Tegoni, particularly in scaling production capabilities and expanding international market reach.