Xethanol Names New CEO

David Ames will draw a $1 annual salary.
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Xethanol

(XNL)

has elected David Ames as president and CEO and William Behrens as nonexecutive chairman of the board at the ethanol company.

Marc Oppenheimer resigned his board position after not being elected CEO and Louis Bernstein resigned as interim CEO, president and director.

According to the company, both men cited philosophical differences with other board members as the reason for their resignations.

Behrens and Ames were appointed to Xethanol's board in October.

Behrens serves as vice chairman of Northeast Securities, a securities firm that acts as financial advisor to Xethanol.

Ames' election as president and CEO is effective immediately.

He will draw an annual salary of $1, but the company plans on implementing a noncash compensation structure for him.

Ames founded Convergence.com in 1994 and merged the high-speed Internet company with

C-COR

(CCBL)

in 1999.

Shares of Xethanol were lower by 9 cents, or 2.8%, to $3.11 in recent trading Friday.