Former Syngenta chairman Bob Woods named Board Chair of Marrone Bio Innovations, Inc.
Feb. 6, 2018
These approvals satisfied certain of the conditions to closing of the transactions, which is expected to occur in early February, subject to other customary closing conditions.
MBI also announced the appointment of Bob Woods as Chairman of the board of directors and Yogesh Mago as a director, each effective upon the closing of the transactions. Mr. Woods and Mr. Mago were designated for appointment to the Company's board of directors as Class I directors by Ospraie Ag Science LLC in accordance with the securities purchase agreement with respect to the private placement transaction, and their terms of office will expire at the Company's 2020 Annual Meeting of Stockholders.
In addition, Tim Fogarty has tendered his resignation as Chairman of the board of directors, effectively immediately after the closing of the transactions. "We are truly honored by Mr. Fogarty's longstanding service with the company and as our Chairman. His experience and guidance have been instrumental, especially during in the past several months as he oversaw our company through these transformative transactions," said Dr. Pam Marrone, CEO and Founder of MBI.
Mr. Woods has more than fifty years of experience in agribusiness and agriculture products. Since 2012, he has served as Chairman and CEO of Targeted Growth Inc., a biotechnology firm with leading edge gene technologies that significantly improve yield in agronomic crops. Prior to that, he served as CEO of Athena Biotechnologies, Inc., Chairman of Syngenta Corporation, Group President for Zeneca Ag Products, and CEO of Garst Seed Company. Mr. Woods has a bachelor's degree in Agriculture and Horticulture from the University of Manitoba in Winnipeg, Manitoba.
Mr. Mago, a Consultant for Ospraie Management LLC, has over a decade of experience in fundamental, bottom-up investing across a variety of industries globally, including agriculture, travel, consumer, transportation, industrials and real estate. Previously, Mr. Mago worked as a Senior Investment Analyst at hedge funds Ospraie Management LLC and Merchants' Gate Capital LP.
He is also the portfolio manager, founder and Managing Partner of Eunonia Management LLC and Eunoia Investment Fund LP, a value-oriented investment company, and the Co-Founder of Operation Water, a nonprofit organization that aims to deliver sustainable access to clean water in impoverished countries through the development of scalable infrastructure projects. Mr. Mago has a bachelor's degree in Finance and International Business from New York University.
"I'm honored to join the Board of Directors and look forward to assisting the Board, Pam and the senior management team in executing upon the Company's business strategy," said Mr. Woods. "Biologicals are an appealing emerging technology that produces higher yields while managing pests in a sustainable way, and MBI is at the forefront of the industry. I'm looking forward to helping the Company continue to lead the way as thought leaders within the space."
"I am pleased to serve on MBI's board, as I believe the company's products represent an exciting component of our present and future food production system," said Mr. Mago. "I look forward to contributing my insights wherever possible and leveraging my experience to assist MBI on its path to success."
"These appointees have a broad understanding of agribusiness," said Dr. Pam Marrone. "We're thrilled to have an executive with Mr. Woods' deep experience lead our Board and look forward to leveraging Mr. Mago's background in global agricultural investments. I truly appreciate the time and the expertise that they have agreed to provide as we continue to focus on growing the company."
By having the 2017 Annual Meeting of Stockholders, MBI also regained compliance with applicable listing standards of the Nasdaq Capital Market.
National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ:NHLD), acted as exclusive placement agent and financial adviser to MBI in connection with the private placement and debt refinancing transactions.