WORCESTER, Mass. — Vystar Corporation has named Steven Rotman, president and CEO of Worcester, Mass.-based Rotmans furniture store, as its CEO and member of the board of directors.
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.
“I see Vystar’s future in making products with foam and incorporating the retail marketing and advertising approach, which Steve has used with Rotmans very successfully,” said Doyle. “I will continue to work with Dr. Ranjit Matthan, Vystar board member and director of R&D, to further develop new products. I’m excited to be pursuing the development of products to go into other retail markets that we can produce on an OEM basis.”
In addition to serving as president and CEO of the eponymous furniture retailer for the past 40 years, Rotman is the founder and managing partner of NHS Holdings, 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.
“I’m looking forward to working with the Vystar team and its partners in this new role to unleash Vystar’s sales and profitability potential,” said Rotman, in a prepared statement. “Vystar’s management, largest creditors, partners, NHS Holdings and major shareholders have worked together over the past six months to formulate a three-pronged strategic plan that would create a sustainable model to bring greater value to all Vystar shareholders. The three strategies are 1) revise Vystar’s business model to enhance revenues beyond Vytex as a pure commodity, 2) augment product offerings, profit margins, and revenues through acquisition, and 3) add depth to senior management.”
In line with the third leg of that strategy, the company has named two new members to its board of directors in addition to Rotman. They are Bryan Stone, M.D., and Joseph Allegra, PhD.
Stone has advised Vystar over the past years relating to product development for the health care industry and brings to the board an understanding of the challenges of new product development for start-up companies, according to the company statement.
Allegra has followed Vystar’s progress for numerous years and has assisted as an investment advisor and investor, providing insight into positioning the company to attract investors, particularly in the health care sector, the company stated. He currently is an instructor of epidemiology and biostatistics at the University of Georgia and an investment advisor at Lincoln Lee Investments in Atlanta.
In addition to the new board members and new leadership, Vystar will move its headquarters to Worcester, Mass., where it will be co-located with NHS Holdings. According to the company, the transition will be seamless, as Vystar’s warehouse and distribution center are already located in Worcester, and the production and manufacturing of latex occur overseas.
In a statement announcing the appointment, Rotman identified some of the changes the company could see moving forward.
“We will be reviewing potential asset purchases to enhance our balance sheet, and will be aggressively pursuing innovative new higher margin product lines that can increase Vystar revenue,” Rotman said. “At the same time, we plan to pay off the approximately $3 million in short and long-term debt and payables.”