Australian biological agriculture company Terragen made changes to their board and executive roles as part of a transition in leadership, which was announced yesterday.
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Jim Cooper stepped down as managing director and chief executive officer of the company taking effect immediately.
The change in updated business plans would allow Terragen to direct additional funding toward further establishing the methane reducing properties of Mylo® and completing the development of a Dry Mylo® formulation.
Terragen chairman Travis Dillon said Jim was appointed as CEO and managing director of Terragen in June 2020.
"(He) has been instrumental in devising Terragen's strategy for the development and commercialisation of biological products in agriculture," he said.
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The Board recognised the important role Mr Cooper played since his appointment in June 2020.
Terragen chief financial officer Miles Brennan was announced to be taking over as Chief Executive Officer after he had been in his role since since August 30, 2021.
Mr Dillon said they were pleased to announce the appointment of Mr Brennan as Terragen's new CEO.
"Miles knows the Terragen business intimately and brings to the team his extensive commercial and operational experience," he said.
Mr Brennan has 20 years' experience in senior finance and operational roles with consumer goods companies including Red Bull UK, Fosters, Treasury Wine Estates and Simplot Australia.
As incoming CEO, Mr Brennan will take a seat on the board as managing director.
As part of the transition in leadership, Terragen is committed to delivering on a business plan that streamlines costs, with a view to extending its cash runway to enable completion of critical product studies.
In support of this, the board waives its director fees.
Terragen believes the additional methane data and ability to offer a dry formulation of Mylo® would be attractive to a distribution partner and open additional market opportunities both domestically and internationally.
