Burcon NutraScience Corporation has announced that Peter H. Kappel, chairman of its board of directors, will assume the role of interim chief executive officer (CEO), with immediate effect, until a successor is appointed by the company's board of directors.
As previously announced, the company's previous CEO Johann Tergesen will continue in an ongoing capacity as an advisor to the company and Burcon's board of directors. The company said it has engaged Kincannon & Reed, an executive search firm specialising in the food and agribusiness sectors, to assist in recruiting a new CEO.
Kappel is a former investment banker who served in senior roles at Nomura, Dresdner Kleinwort Wasserstein, Calyon and DVB Bank in London. He brings extensive experience in strategic and business management as well as a wealth of knowledge in the field of finance and investment.
"On behalf of the Board of Directors and the entire team at Burcon, I want to sincerely thank Johann for his many years of service and for leading Burcon to where it is today. I am pleased to step in as interim CEO during this transition period. Our executive search for a successor who brings expertise in the specialty food ingredients space is well underway," Kappel said in a statement, adding: "I look forward to continuing on the company's recent progress and developments."
READ: Burcon NutraScience sees quarter-over-quarter revenue bump in fiscal 3Q as production capabilities increase at its Merit Functional Foods facility
Kappel has served as a director on Burcon's board since 2016 and was appointed chairman of the board in September 2021. He has worked closely with management to achieve the transformational business relationships over the past few years.
Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, the company has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp, sunflower seed, among other plant sources.
In 2019, Merit Functional Foods Corporation was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food and beverage industries.
Contact the author at jon.hopkins@proactiveinvestors.com