SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--TerraVia Holdings, Inc. (NASDAQ:TVIA), a next generation food, nutrition and specialty ingredients company and pioneer in algae innovation, has announced that Apu Mody, former President of Mars Food America, has been appointed CEO and a member of the Board of Directors, effective on or about August 22nd.
The appointment of Mr. Mody is part of the planned transition announced in March. Current co-founder, Chairman and CEO Jonathan Wolfson will continue to serve as CEO until August 22nd, and will then assume the role of Executive Chairman.
“TerraVia is lucky, and I am personally thrilled to have Apu lead our next phase of growth and to establish TerraVia as a leader in plant-based food and nutrition based on our groundbreaking algae ingredients,” said Jonathan Wolfson. “His experience at both Fortune 50 companies and in early stage ventures, including leading strong growth at both Mars and Del Monte, make him the ideal choice to accelerate commercialization and growth of the movement around algae-based foods.”
Mr. Mody brings over 25 years of experience and a strong record of financial success and innovation in the CPG, Retail and Restaurant sectors. Most recently, as President of Mars Food America, he was responsible for a significant turnaround of the business covering the US, Canada, Brazil and the Middle East, eventually creating the fastest growing region for Mars Food. While at Mars, Apu served on the Executive Committee and Board of Directors of the GMA (Grocery Manufacturers of America). Prior to Mars, Apu spent six years at Del Monte Foods, in various Strategy and General Management roles, ultimately joining the Executive team as the SVP and GM for the $2.4B Consumer Products Division where he led the development of a long term vision to focus on healthy eating while creating internal and external alignment for a sustainable platform for growth.
“I’ve been passionate about Healthy Living and have seen many substantial changes across the industry. In my 25+ years in the food and CPG industry, nothing I have seen comes close to the exciting potential of TerraVia,” Apu Mody said. “I believe there are opportunities across the grocery store driven by accelerating demand for plant based foods and nutrition. And with TerraVia’s unique portfolio of ingredients that provide better nutrition and sustainability with outstanding taste, the Company is on the verge of great things. I look forward to leading the team and realizing our mission of making a difference for both people and the planet.”
TerraVia has spent over a decade developing a proven portfolio of algae ingredients and products that focus on harnessing the power of algae, the mother of all plants and earth’s original superfood. These include AlgaVia® Protein-Rich Whole Algae, AlgaVia® Lipid-Rich Whole Algae, and AlgaWise® Ultra Omega-9, and Thrive® Culinary Algae Oil which has the highest level of monounsaturated fat and lowest level of saturated fat of any culinary oil available on the market. In addition, TerraVia produces AlgaPrime™ DHA, for the aquaculture and animal nutrition markets, and AlgaPur™ oils, including a more sustainable alternative to palm oil for the specialty personal care market.
TerraVia is a next generation food, nutrition and specialty ingredients company that harnesses the power of algae, the mother of all plants and earth’s original superfood. With a portfolio of breakthrough ingredients and manufacturing, the Company is well positioned to help meet the growing need of consumer packaged goods and established and emerging food manufacturers to improve the nutritional profile of foods without sacrificing taste, and to develop select consumer brands. The Company also manufactures a range of specialty personal care ingredients for key strategic partners. Headquartered in South San Francisco, the Company’s mission is to create products that are truly better for people and better for the planet. For additional information, please visit TerraVia’s website at www.terravia.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about TerraVia, including statements that involve risks and uncertainties concerning: TerraVia’s future strategic focus; its ability to grow its business and accelerate commercialization; expected executive changes; future demand for plant-based foods and nutrition; customer demand and the attributes of its products, including as to nutrition, taste, texture and sustainability. When used in this press release, the words "will", "expects", "intends" and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of TerraVia, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: TerraVia’s limited operating history; TerraVia’s limited history in launching and commercializing products; commercial risk in deploying new products; its ability to successfully develop and commercialize new products; its ability to sell products; successful product trials by customers and market acceptance and adoption of products by consumers and end-users; the ability to obtain requisite regulatory approvals for products; and its access, on favorable terms, to any required financing. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of TerraVia.
In addition, please refer to the documents that TerraVia Holdings, Inc. files with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as updated from time to time, for a discussion of these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. TerraVia is not under any duty to update any of the information in this press release.