FutureFuel Corp. announced that Paul A. Novelly has informed FutureFuel's Board of Directors that he will step down from his position as Chief Executive Officer of the Company effective July 31, 2022. Mr. Novelly will continue as Chairman of FutureFuel's Board of Directors.

Tony Novelly has served as Chairman of the Board since the company's inception in 2005 and as its Chief Executive Officer since 2013. FutureFuel's Board has named Thomas McKinlay, the Company's Chief Operating Officer, to succeed Tony Novelly as Chief Executive Officer effective on Tony Novelly's retirement. Mr. McKinlay, age 59, has served as the Company's Chief Operating Officer since January 2017.

Mr. McKinlay is a Chemical Engineer and business operations executive with over 30 years of global experience in the oil and gas industry including management of large-scale refining and trading operations; midstream assets; renewables production and trading; retail; contract negotiation; and mergers and acquisitions. Prior to joining the Company, Mr. McKinlay was the owner and president of Gilrita Consulting Limited, a U.K.-based independent downstream consultancy firm, for over two years. Prior to Gilrita Consulting Limited, Mr. McKinlay served as Executive Vice President of Murphy Oil Corporation for over three years, a position which incorporated the role of Managing Director of Murco Petroleum Limited, a U.K.-based oil refining company.

Mr. McKinlay was employed for a total of approximately six years by Murphy Oil. Mr. McKinlay received a bachelor of science in chemical engineering (with honors) from the University of Strathclyde in Glasgow, UK in 1985.