Solazyme renames as TerraVia; looks new CEO

Solazyme renames as TerraVia; looks for new CEO

11:10 AM, 16th March 2016
Solazyme renames as TerraVia; looks for new CEO

SAN FRANCISCO, US: Solazyme Inc said that it will rename itself as “TerraVia,” to focus exclusively on food, nutrition and specialty ingredients, harnessing the power of its transformational algae innovation platform. It will also make extensive investments in building manufacturing facilities and commercializing initial products.

“By unlocking the power of algae, the mother of all plants and earth’s original superfood, we are bringing much-needed innovation in food and nutrition,” said Jonathan Wolfson, the company’s co-founder and CEO.

“Our new generation of breakthrough ingredients and foods delivers on nutrition, flavour and texture all with an unparalleled sustainability profile and these products are already beginning to penetrate a market that is demanding healthier alternatives.”

“There are opportunities for our algae-based ingredients across every aisle of the grocery store, driven by consumer demand for clean labels and an increasing focus on plant-based foods with great taste,” said Mark Brooks, SVP and general manager of food ingredients at Solazyme.

“We are enhancing a new generation of foods that deliver better flavour and nutrition, including healthier fats and enhanced protein, fibre and micronutrients. In addition to products incorporating our ingredients on store shelves, we are currently in active development projects with major CPG companies for new products such as salad dressings and gluten-free bakery products that are healthier and offer the taste and texture that consumers demand.”

Search on for new CEO

At Wolfson’s request, the board is searching for a new CEO immediately. He has been appointed as the chairman of the board and will remain as CEO while the search is underway. Wolfson will shift his focus from daily operations to strategy and special projects including those with a consumer focus, the company said.

Jerry Fiddler will remain on the board and has assumed the role of lead independent director.

The company also announced the strengthening of foods expertise on its board of directors with the addition of seasoned food industry executive, Irene Chang Britt, past president of Pepperidge Farm; SVP, chief strategy officer, Campbell’s Soup Company; general manager, Kraft Foods and VP at Nabisco.

“Companies across the food industry are increasingly focused on delivering truly innovative products that transform the nutrition profile of the foods we all love without sacrificing their great taste,” said Britt. “TerraVia’s ingredients platform is well-positioned to help the food industry get there today.”

The company has entered into a purchase agreement for a strategic financing round of approximately $28 million in newly issued, no-coupon convertible preferred shares with a conversion price of $2.00 per common share, which represents an approximately 25 percent premium over the 15-day trading average of Solazyme’s common stock, it said.

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Related Topic:

Bunge, Solazyme to jointly commercialize algae oils for food industry

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