Penford spokesman Stephen Davis says the corporate office will move into office space at 7094 S. Revere Pkwy., where it currently has its food ingredient division.
Jeffrey T. Cook, current president and chief executive officer, will not be relocating to Denver for personal reasons. Instead, Penford's board appointed Thomas D. Malkoski as the new CEO. Cook will continue to serve on the board of the 17-year-old company.
''By relocating (our) corporate headquarters to Denver, we can leverage our unique product advantages in the marketplace more effectively, maximizing the value we can bring to our shareholders, customers and employees,'' Cook says. ''While it is unfortunate that my personal circumstances will not allow me to lead this effort from our new Colorado-based headquarters, I am looking forward to supporting Tom in his new role and watching Penford continue to grow and prosper in the years ahead.''
Penford develops, manufactures and markets specialty natural-based ingredient systems for various applications, including papermaking, textiles and food products. Penford had sales of $225.7 million in its last fiscal year and has a market cap of about $98 million.
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