NEW YORK (TheStreet) -- Shares of Rentech (RTK) were gaining 13.2% to $1.36 Thursday after the announcement that D. Hunt Ramsbottom resigned from the positions of CEO and president of the wood fibre company and CEO of Rentech Nitrogen Partners (RNF) .
Rentech Nitrogen board member Keith Forman was appointed to fill all three positions that Ramsbottom held. Forman previously served as CEO of Crestwood Midstream Partners, and held executive roles at El Paso Corp. and GulfTerra Energy Partners.
"We're confident that Keith can continue to successfully grow the company," Rentech chairman Halbert Washburnsaid. "With Keith's rich experience in MLPs, we believe he is well qualified to lead the company as it works toward its goal of launching an MLP of the fibre business."
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates RENTECH INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate RENTECH INC (RTK) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."