USA – Neogen Corporation has appointed Jim Borel as the company’s new Chairman to succeed James Herbert, who has resigned from the position.
Herbert, who is a founder of the American food safety and diagnostic test kits provider and served as the company’s CEO from its founding in 1982 until July 2017, will continue to serve on Neogen’s Board of Directors until his term expires in October 2020.
He has also served on Neogen’s Board since its inception, and had served as its chairman since 2006. “I am proud of all that NEOGEN has become during my 37 years,” said Herbert.
“Clearly, Neogen would not exist without Jim Herbert’s tremendous talent, vision and drive,” John Adent, Neogen’s president and CEO – who succeeded Herbert in 2017- commented.
“He saw a need for what Neogen could become, and has worked tirelessly to achieve his dream. This is not a good-bye, but on behalf of all of Neogen’s employees and other stakeholders past and present, I’d like to thank Jim for everything he has done to make Neogen the great company it is today.”
Borel, the new Chairman, has served on the Board of the Michigan-based company since 2016. Borel has over 42 years of experience in the global agriculture and food industry.
He retired in 2016 from DuPont, where he was executive vice president and a member of DuPont’s Office of the Chief Executive, with responsibility for the agriculture and food ingredients businesses of DuPont, as well as several corporate functions.
Commenting on the new role, Borel said; “Neogen’s track record of success and leadership over the years is impressive. I look forward to working with John and the Board to help NEOGEN continue to grow its results and impact.”
The company reported a 2% growth in its revenues for the third quarter of its 2020 fiscal year, which ended February 29, to US$99.87 million.
The third quarter was the 112th of the past 117 quarters that the company reported revenue increases as compared with the previous year — including all consecutive quarters in the past 14 years.
The company’s total revenues of the current fiscal year by the third quarter were US$309 million, also up 2% compared to US$304.4 million for the same period a year ago.