Dr Cysewski co-founded Cyanotech in 1983 and has served as a director since that time. He occupied the CEO’s chair for 18 years between 1990 and 2008. Prior to his interim appointment he was Executive Vice President and Chief Scientific Officer.
“This is an exciting time for Cyanotech and I am eager to take on the opportunities that lie ahead,” said Dr Cysewski. “As Cyanotech continues to shift its focus to vertical integration, we believe that there are significant growth opportunities for the company in the future.”
A special committee of Cyanotech's board of directors has begun the search for a permanent CEO, and Michael Davis, chairman of Cyanotech's board, said: “We are pleased to have someone with Dr Cysewski's detailed knowledge of Cyanotech's business and his perspective as the company's founder to guide Cyanotech during this transitional phase. Our priority is to identify a leader who can leverage our company's assets and leadership team to drive the next stage of Cyanotech's growth.”
Davis also acknowledged Bailey’s contribution to the company, “including developing and maintaining important customer relationships and distribution channels and upgrading its facilities and processes.
Bailey said: “Over the last five years, net sales have nearly doubled and we have transformed Cyanotech from a bulk ingredient supplier to a branded consumer products manufacturer with leading market share in both Astaxanthin and Spirulina. Now I feel it is time to place more focus on my family. I love this company and believe it is well positioned for the future. It has been a privilege to lead Cyanotech.”