The following is a transcript to a Renewable Energy Group, Inc. town hall meeting led by Cynthia J.
Warner, President and Chief Executive Officer of Renewable Energy Group, Inc., from February 28, 2022.
All-Employee Town Hall Transcript
Lets just go ahead and get started, and I wanted
to say good morning to everybody. Thank you all for joining us at short notice. I know it is very early for some of you especially, and I just wanted to let you know we are going to record the main portion of todays Town Hall so that you can
share this with others and listen again in case some of you, like me, are not fully awake yet.
So most of you have, by now, seen this mornings
press release followed by my email to you, sharing that REG will be acquired by Chevron. I wanted to speak with you as soon as possible after sharing this news, so I really appreciate your flexibility in joining at this moment, and I also want to
say I truly wish you could hear news like this directly from me first but for a transaction like this we have to abide by strict rules that wouldnt have allowed that.
Before I get into the details, I do want to say a couple of high-level things: First of all, I believe this is a great step forward for REG and it will help
us to accelerate our progress toward achieving our Mission and our Purpose.
Ive had the privilege of spending some quality time with the Chevron
team, and with albeit limited time weve had together, Ive become convinced that they are aligned with us in their dedication to the transition to a lower carbon future.
Theyve had a lot of choices in how to take a bold step forward, and they chose to join forces with us. This transaction is a powerful endorsement of our
people, the great company weve created, and the value that we deliver every single day. Thank you every single one of you for making this next big step forward possible. You will continue to drive our success as we all join the
Chevron team, and Chevron has made clear that they value you highly and theyve got a strong focus on retention.
Having said all of this, I also
realize that this is a major change for our company, so I want to share more details today and get started answering your questions. Lets start with the rationale behind this decision. Why do this, and do it now?
Well over the past several years, REG has done an amazing job of developing our technology, our product lines, our feedstock procurement and processing
capabilities, our direct-to-customers marketing channels, our size and our scale, our leaders and our subject matter experts, our ability to positively influence
regulatory matters and as a result of all of this the pace of decarbonization. Youve done this safely, with operational excellence, and with a strong and positive culture thats earned us the reputation of being an
organization that others can rely on (and they actually like doing business with us).
All of this has enabled us to deliver for our stakeholders and make
steady progress toward achieving our Mission and our Purpose. And, its been an amazing journey to experience. And most of us I think would say that its also been a lot of fun.
As weve discussed together, the industry is now at an inflection point. Our customers are increasingly demanding lower carbon choices, and were
here to deliver a great choice to them. But, this is also attracting many, often large, and well established and very capable competitors, into our industry. Weve been talking about how to maintain our competitive advantage and capture the
enormous opportunity in front of us, we must double down on investments in our capabilities and efficiencies, and focus on increasing the pace of capturing our growth objectives. And, weve known we must do this with both urgency and rigor.
Todays announcement is about doing just that. Joining forces with a company that has the size, scale and capability of Chevron is expected to give
us additional resources and a much wider runway as we aim to accelerate growth and strengthen our collective ability to deliver the renewable fuels our customers demand and the world needs.
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