Key Takeaways:
- Leadership Transition: Susan Keefe will replace Dean Freeman as the Chief Financial Officer of Benson Hill, Inc., effective March 29, 2024, marking a significant leadership transition.
- Experienced Executive: Keefe brings extensive experience from the life sciences and biotechnology industries, having previously served as CFO of GreenLight Biosciences and held various financial leadership roles in other organizations.
- Strategic Move: Her appointment is part of Benson Hill’s strategic shift towards an asset-light partnership model, aiming to leverage her financial expertise to enhance the company’s financial profile and value proposition.
- Acknowledgment of Service: Dean Freeman, the outgoing CFO, is recognized for his dedication and contributions to Benson Hill, with the company expressing gratitude for his service and wishing him well in future endeavors.
- Focus on Financial Acumen: CEO Deanie Elsner emphasizes Keefe’s critical role in reshaping the organization and unlocking the full value of Benson Hill’s genetics, highlighting the importance of her diverse experience in the company’s next growth phase.
Leadership Transition
Benson Hill, Inc. announced the appointment of Susan Keefe as its new Chief Financial Officer, effective March 29, 2024. Keefe will take over from Dean Freeman, who is leaving to pursue other opportunities. Freeman’s commitment to ensuring a smooth transition until his departure underscores the company’s dedication to maintaining continuity and stability in its financial leadership.
Susan Keefe: A Seasoned Executive
Susan Keefe’s career is marked by her roles in both the life sciences and biotechnology sectors, showcasing her capability to drive financial strategies in complex industries. Before joining Benson Hill, Keefe served as CFO of GreenLight Biosciences, where she contributed to advancements in RNA-based solutions for agriculture and human health. Her background also includes significant stints at Danforth Advisors and Aushon Biosystems, along with financial leadership positions at SeraCare Life Sciences, The Proctor & Gamble Company, and PricewaterhouseCoopers. Keefe’s educational credentials, with an MBA from The University of Chicago Booth School of Business and a Bachelor of Business Administration from the University of Iowa, further solidify her expertise in strategic management, marketing, finance, and entrepreneurship.
Strategic Implications
Keefe’s appointment comes at a pivotal time as Benson Hill shifts towards an asset-light partnership model. This strategic move aims to capitalize on the company’s unique and advantaged genetics, improving its financial profile and shareholder value. CEO Deanie Elsner expresses confidence in Keefe’s ability to contribute to the company’s future success, highlighting her diverse experience as a key asset in navigating the forthcoming challenges and opportunities.
Gratitude Towards Dean Freeman
The transition also serves as an occasion to acknowledge Dean Freeman’s contributions to Benson Hill. His role over the past two years has been instrumental in the company’s leadership team, and his dedication to the company’s growth is highly appreciated. As Freeman prepares to embark on his next chapter, Benson Hill extends its best wishes for his future endeavors.
Susan Keefe’s appointment as CFO of Benson Hill marks a strategic step forward for the company, emphasizing its commitment to financial excellence and strategic growth. With her extensive background and proven leadership, Keefe is poised to play a crucial role in Benson Hill’s journey toward realizing its full potential in the ag tech industry.
Benson Hill Latest News
Q3 Financials (2023/11/10)
In Q3 2023, Benson Hill, Inc. faced a 7.5% revenue decline, countered by strategic operational adjustments and a focus on proprietary revenue growth of 27.2%, alongside a net loss improvement and operational expense reduction, leading to an updated 2023 outlook with consolidated revenues expected between $440 million and $450 million. The company is accelerating its transition to an asset-light model, focusing on feed markets through its CropOS® platform, amidst challenging market conditions.
Vows To Transform its Business Model (2023/11/15)
Benson Hill plans to strengthen its financial foundation and transition to an asset-light business model. The company aims to tap into the broadacre animal feed markets, which will expand its product repertoire. Benson Hill aims to manage high-cost debt effectively and broaden its Liquidity Improvement Plan. The company has concluded an external study on several non-GMO, Ultra-High protein-low oligosaccharide (UHP-LO) commercial soybean variants. Benson Hill’s Board of Directors has appointed Deanie Elsner as the Chief Executive Officer, praising her ability to steer the company toward growth and stability.
Sells Seymour Soybean Crush Facility (2023/11/01)
Benson Hill Inc, a food tech company, sold its Seymour soybean crush facility to White River Soy Processing for $36 million. The sale is part of Benson Hill’s Liquidity Improvement Plan and will help the company settle debts and reduce expenses. However, Benson Hill will honor its contracts with farmer partners in Indiana and its proprietary soybeans will continue to be processed at the facility under a grain supply and licensing agreement. Approximately 30 Benson Hill team members will join White River to ensure uninterrupted service. The deal was finalized on Oct. 31, 2023.
Faces NYSE Non-Compliance Notice Over Share Price (2023/09/18)
Benson Hill, a food tech company, has received a non-compliance notice from the NYSE due to its average closing share price falling below $1.00 per share over a consecutive 30-day period. The notice doesn’t result in immediate delisting, and Benson Hill plans to respond to the NYSE within ten business days to cure the deficiency. The company has six months to regain compliance. Benson Hill is currently undergoing a strategic review and expects to share an update on this by late October. To regain compliance, the company must have a closing share price of at least $1.00 over a 30 trading-day period.
Reports Q2 2023 & Reaffirms Annual Outlook (2023/08/10)
Benson Hill, Inc. (NYSE: BHIL) announced its Q2 2023 financial and operational results. The company reported $109 million in Q2 revenues, a 16.5% increase YoY. Benson Hill’s gross profit stood at $3 million, but adjusted figures show a gross profit of $6.1 million with a margin of 5.6%. Operating expenses rose to $40.4 million, but excluding goodwill impairment, they dropped to $21.2 million. The net loss from continuing operations was $49.1 million, with an Adjusted EBITDA loss of $16.1 million. Benson Hill has reaffirmed its 2023 guidance, projecting consolidated revenues between $390 million to $430 million.
Benson Hill Unveils Second Annual ESG Report (2023/06/30)
The company has unveiled its second annual Environmental, Social, and Governance (ESG) Report. This release demonstrates Benson Hill’s ongoing commitment to transparency and provides a comprehensive overview of the company’s data, milestones, and strategic partnerships since its inaugural ESG Report.
Adrienne Elsner Steps In as Interim CEO of Benson Hill (2023/06/19)
Benson Hill, Inc. (NYSE: BHIL), a food technology firm focused on unlocking the natural genetic diversity of plants, announced today that Adrienne “Deanie” Elsner has been appointed Interim Chief Executive Officer (CEO). Elsner succeeds co-founder Matt Crisp, who steps down with immediate effect, although he will continue to serve as a consultant to the board for a year to ensure a smooth transition.
Benson Hill Reports Q1 2023 (2023/05/11)
Benson Hill reported robust revenue growth in Q1 2023, with revenues of $134.6 million, up 103.6% YoY. The growth was driven by strong customer demand and increased availability of proprietary soy ingredients and non-proprietary products. Gross profit was $9.5 million, with gross margins at around 3.4%. The company is confident that 2023 may represent an inflection point for proprietary revenue growth and margin expansion. BHIL has reaffirmed its 2023 guidance for proprietary revenues to be $100 million to $110 million.
Reports Its Financial Results For 2022 (2023/03/14)
The company reported its FY 2022 with strong customer demand and increased revenues. Despite supply chain costs affecting profitability, the company’s innovations continue to attract strong demand. The company is finalizing capital management changes to reduce debt and operating expenses while fully funding the business. Proprietary products are expected to increase revenues by 40-50% in 2023, driving consolidated gross profit to $20 million to $30 million. The company plans to utilize its current shelf registration statement for up to $100 million to fully supplement the cash needed to fund the business to profitability in 2025. Revenues were $381.2 million, an increase of 319%. Gross profit was $3.5 million. The net loss from continuing operations was $99.7 million. Cash, restricted cash, and marketable securities of $175.0 million were on hand as of December 31, 2022.
BioMar’s Ink Collaboration for Aquafeed (2023/01/27)
BioMar has partnered with Benson Hill to advance sustainability objectives in aquaculture farming. Benson Hill’s closed-loop business model and non-GMO ingredients are ideal for BioMar’s responsible sourcing endeavors. Denofa is supplying BioMar with Benson Hill components to reduce the impact of aquafeed production on wild fish stocks.
Image provided by Benson Hill
