Indigo Ag Sets Out Plan for Renewal in Accelerated Drive to Profitability and Growth
03 May 2024, Boston, MA: Indigo Ag today announced the establishment of two new business units focused on Sustainability Solutions and Biological Products as part of a renewal and reorganization of the company following the appointment of Dean Banks as the new Chief Executive Officer.
The establishment of the new business units will streamline the company, providing clear decision-making, improved alignment on commercial goals and accountability for results, and will enable the company to better serve and deliver for its partners and customers across agriculture.
A renewed innovation orientation, embedded throughout the company, will drive global expansion and new solutions and products. In addition, the company will continue to exit non-strategic and non-core businesses so that it can focus resources on the biggest opportunities for its partners and customers.
The new approach is reflected in a revamped leadership team with extensive local and global experience in agriculture, science and technology. This includes Georg Goeres, who will lead the Biological Products business unit; Ewan Lamont, who will lead the Sustainability Solutions business unit, and Bernie Barbour, the Chief Technology Officer.
Following its last successful funding round, which raised over $250 million in additional capital to drive innovation and growth, the company is taking further steps to de-risk its path to profitability through accelerating revenue growth and a decisively lower cost structure.
Commenting on today’s announcement, Dean Banks, Chief Executive Officer, Indigo Ag said: “Indigo is one of the most exciting and scientifically rigorous companies in agriculture today. We continue to demonstrate impressive growth with the world’s largest and most scalable carbon farming program. This has already generated the first ever registry issued ag-based carbon credits at scale while also enabling the value chain to account for and reduce their Scope 3 emissions in agriculture. We are also the market leader in innovative, naturally derived biological ag inputs and a front-runner in nature-based sustainability science, technology, and policy.
By establishing our new business units and a renewed innovation orientation, alongside prudent restructuring and focusing of resources, we will be able to streamline our business and further develop our strategic partnerships to better serve our customers. Specifically, we will provide them with an expanding range of solutions they need to restore soil health and increase farm profitability. This also helps to fulfil the urgent global demand for a more resilient, sustainable, and climate-smart agriculture that can deliver so many positive outcomes for the planet.
I could not be more impressed by the passion and commitment of our team and am excited to realize the potential of this ‘NewIndigo’ as quickly as possible.”
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