From Home Furnishing Business
Steve Rotman to Lead Latex Foam Supplier Vystar
Steve Rotman, the longtime CEO of Massachusetts-based retailer Rotmans Furniture, has been named CEO of Vystar Corp., a supplier of natural rubber latex foam.
The veteran retailer will continue to oversee Rotmans, but also will guide Vystar as it works to expand distribution of its signature product, Vytex latex foam.
Vystar also will move its headquarters to Worcester, Mass., where Rotmans is based.
Rotman has been president and CEO of Rotmans, one of the oldest and largest furniture and carpet retailers in New England, for more than 40 years. In addition, he is the founder and managing partner of NHS Holdings, a company that in 2015 became the exclusive distributor of Vytex natural rubber latex foam in the U.S. and laid the groundwork for Vytex’s entrance to the home furnishings industry.
“I’m looking forward to working with the Vystar team and its partners in this new role to unleash Vystar’s sales and profitability potential,” said Rotman. “Vystar’s management, largest creditors, partners, NHS Holdings and major shareholders have worked together over the past six months to formulate a three-pronged strategic plan that would create a sustainable model to bring greater value to all Vystar shareholders.”
He said the three strategies are: revise Vystar’s business model to enhance revenues beyond Vytex as a pure commodity; augment product offerings, profit margins, and revenues through acquisition; and add depth to senior management.
Vystar’s shares are traded publicly on the over-the-counter “pink sheets” under the symbol VYST.
Rotman added, “We will be reviewing potential asset purchases to enhance our balance sheet, and will be aggressively pursuing innovative new higher margin product lines that can increase Vystar revenue. At the same time, we plan to pay off the approximately $3 million in short and long-term debt and payables.”
William Doyle, Vystar’s previous CEO and chairman, will continue with Vystar as a product development consultant and has relinquished his seat on the board of directors.
The company also added Rotman, Bryan Stone and Joseph Allegra to the board.
Stone, an adviser to Vystar in recent years, is chairman of medicine at Desert Regional Medical Center in Palm Springs, Calif., and is the medical director at multiple DaVita Dialysis Centers.
Allegra currently is an instructor of epidemiology and biostatistics at the University of Georgia and an investment advisor at Lincoln Lee Investments in Atlanta.