Vertex Energy names Foster as new chief commercial officer amid transition

Vertex Energy, a prominent player in the specialty refining and energy transition sector, has announced a major leadership change. Doug Haugh will step down as Chief Commercial Officer (CCO) but will remain as a senior corporate advisor until the end of 2024. His replacement, Joshua Foster, has been appointed as the new CCO. Benjamin P. Cowart, the company’s CEO, will temporarily take on the role of chief operating officer.

Joshua Foster, formerly director of Commercial Optimisation and Risk Management at Vertex, brings nearly two decades of commercial operations experience, including work with Delta Airlines. His efforts to enhance the company’s jet fuel production value have been highly successful, and Vertex expects his leadership to drive future growth.

The transition is seen as part of Vertex’s broader strategic efforts to maintain momentum in its renewable and conventional energy operations. With Haugh’s guidance and Foster’s expertise, Vertex aims to strengthen its commercial strategy while continuing to prioritise operational efficiency and sustainability.

Vertex Energy is known for its commitment to sustainability, safety, and operational excellence. The company continues to navigate a challenging energy market, focusing on its high-purity refined fuels and seeking opportunities for joint ventures, acquisitions, and mergers to enhance shareholder value. Despite recent financial setbacks, including a USD53.8 million net loss in the second quarter of 2024, Vertex is optimistic about its long-term strategy. The company is transitioning its hydrocracker unit from renewable diesel to conventional feedstock, while securing additional financing to manage liquidity.

As Foster steps into his role, Vertex Energy remains committed to optimising fuel production and obtaining low-carbon fuel standard credits, all while addressing market volatility influenced by global economic conditions.