Neogen´s board forms search committee as CEO steps down

USA – Neogen Corporation, an innovative leader in food safety solutions, recently announced that its CEO and President, John Adent, will step down after eight years with the company.

Meanwhile, Neogen’s Board of Directors has formed a special committee, comprising Board Chair Jim Borel, Thierry Bernard and Jeff Capello, to direct the search for the company’s next CEO and has engaged a leading global executive search firm.

The special committee will also support Mr. Adent and the leadership team as they continue to execute Neogen’s strategic initiatives during this transition period.

In a statement, John Adent thanked his team members and affirmed Neogen’s position and contributions to food and animal safety solutions, owing to the company’s broad portfolio, global reach, initiatives, and enhanced innovation capabilities.

“It has been an honor to lead Neogen, and I am incredibly proud of the team we have built and all we have accomplished together… while the Board conducts its search for my successor, I am focused on delivering for our customers, driving our strategic and commercial initiatives and ensuring a smooth transition to new leadership,” Adent remarked.

He is expected to continue serving until a successor is found.

Neogen’s Board Chair, Jim Borel, also expressed gratitude for John’s leadership over the past eight years as Neogen has transformed its business to focus on “long-term, secular tailwinds” in the food safety market.

“The Board determined that now is the right time to begin a leadership transition and identify the Company’s next CEO… We have significant growth, profitability improvement and portfolio prioritisation initiatives underway, and our committee will support the leadership team in its efforts to drive improved performance. We appreciate John’s continued support to ensure a smooth transition while we complete a comprehensive search process,” Borel commented.

Neogen’s Third-Quarter results

In other news, Neogen has also announced its Third-Quarter results for the period ending February 28, 2025.

They reported revenue of US$221.0 million, posting a net loss of US$11.0 million or US$(0.05) per diluted share.

On an adjusted basis, the company reported net income of US$20.9 million, or US$0.10 per diluted share, excluding certain non-recurring items.

As disclosed in a statement, a broad rise in uncertainty related to global trade policies contributed to the underwhelming quarterly results. 

The uncertainty saw domestic and international distributors less willing to commit to inventory in the face of faltering consumer confidence, a lack of clarity concerning global trade, and concerns about the potential for recession.

However, core revenue in their Food Safety segment grew by 7%, reflecting a solid underlying business. The establishment of Neogen’s Petrifilm production also continues progressing well, with the first of two production lines nearly completely installed. They anticipate beginning initial test production in the fall.

“We view this as a critical period in Neogen’s transformation and are entirely focused on improved execution. We remain optimistic about the future trajectory of the business and believe the changes we are making will allow us to not only manage through the current uncertainty but also position us to deliver on the long-term growth opportunity in front of us,” John Adent commented during the results announcement.  

With a global presence in over 140 countries and a dedicated network of scientists and technical experts focused on delivering optimised products and technology for its customers, Neogen remains committed to fueling a brighter future for global food security through advancing human and animal well-being.

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