Ascent Industries Corp. (OTCMKTS:PGTMF) has announced that its current directors supported by Drew Malcolm have reached an agreement with the company regarding the composition of the board of directors on behalf of concerned shareholders who control 53.07% of Ascent’s outstanding common shares.

Ascent directors to step down

In accordance with the agreement, the current Ascent directors who include Blair Jordan, Daniel Lanskey and Karim Lalani have agreed to step down and they will be replaced by Mark Lotz, David Hurford and Paul Dillman with immediate effect. The outgoing directors are also expected to step down as officers of all subsidiaries of Ascent. Blair Jordan, the interim CEO and CFO, and Lalani, the Chief Legal Officer will also vacate their positions and have agreed they will serve the company in a consulting capacity for 30 days to aid in the transition of management to the new officers and directors.

Dillman will act as the interim Chief Executive Officer while Lotz will fill in on an interim basis as the CFO.

Paul Dillman has served before as Emerald Health Therapeutics (OTCMKTS:EMHTF) Executive Vice president of Sales, Marketing and operations.  He has over 30 years of experience serving various multinational companies having held senior positions at Coca-Cola, AB InBev, and Philip Morris. In the last ten years, he has overseen the success of a number of start-up companies such as Electronic Cigarettes International Group.

Mark Lotz is a Chartered Professional Accountant and he practices through his company Lotz CPA Inc. He brings on board experience in tax, business and consulting having qualified over three decades ago. Mark is a former CFO and CEO in the brokerage industry and his experience in the cannabis, manufacturing digital media and mining sectors is extensive. Past public company experience includes Speciality Liquid Transportation Corp, Handa Mining and Candete Copper Corp.

David Hurford has held senior positions in non-profit organizations, provincial, federal and municipal governments as well as crown corporations.