Business

Aseptia co-founder and CEO departs business

The CEO of food-processing company Aseptia, who led the company's hyper-growth, quietly parted ways with the business he co-founded over the summer.

The departure of Michael Drozd was never announced, but he confirmed Friday that he left the company in early July - which was just a few months after the company completed a $28 million round of funding.

Drozd declined to discuss the reason for his departure.

"As part of my separation agreement, I'm not supposed to say anything about it at all," he said. He also declined to discuss his future plans.

Aseptia, which operates a plant in rural Montgomery County that operates as Wright Foods, uses patented technology invented by food scientists at N.C. State University that the company says makes foods such as sauces and soups taste better. Aseptia ranked No. 15 on Inc. magazine's latest list of the nation's fastest-growing privately held companies as its revenue zoomed from $110,958 in 2010 to $13.9 million last year.

Drozd, who retains an undisclosed ownership stake in the company, said he expects the company to continue to do well.

"I think the company has a very bright future ahead of it," he said.

Neither company officials nor the Triangle firms that have invested in Aseptia - Raleigh investment firm Lookout Capital and Durham venture capital firm SJF Ventures - could be reached for comment.

Aseptia hasn't announced naming a new CEO, nor is a CEO listed on the company's website.

Founded in 2006, Aseptia has raised a total of $38 million in outside funding.

When the company committed to building its plant in the Montgomery County town of Troy, about 100 miles southwest of Raleigh, it announced plans to create 505 jobs within five years. If it meets that target, it's eligible to receive $1.5 million in state incentives.

Drozd said in an interview in March that the company had 157 workers in Troy and was on track to reach its job quota. The Troy plant opened in 2012.

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