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Marrone Bio's founder Dr Pamela Marrone to step down as CEO

Dr Marrone will continue as CEO until her replacement is found

Marrone Bio Innovations -
After retirement, she will remain on Marrone Bio’s board as a non-executive member and work as a consultant to the company

Marrone Bio Innovations Inc (NASDAQ:MBII), the bioprotection and plant health company, is set for a change at its helm, with the news that its founder Dr Pamela Marrone will retire as CEO.

Marrone Bio’s board has already kicked off a search for Dr Marrone’s successor and she will continue as CEO until her replacement is found.

After her retirement, Dr Marrone will remain on Marrone Bio’s board as a non-executive member and also serve as a consultant to the company she founded.

READ: Marrone Bio posts 3Q revenue bump, beating expectations

“Dr Marrone’s decades of unwavering and tireless dedication have shaped the landscape of biologicals in agriculture in a meaningful and positive way,” said board chairman Bob Woods in a statement.

“Pam has guided Marrone Bio to a new level of growth and expansion, and her legacy will serve as the platform for the company’s future growth,” Woods added.

Under her reign, Marrone Bio commercialized 10 products for crop protection and plant health, three of which won industry awards as top biopesticides.

And Dr Marrone is enthusiastic about her upcoming retirement and consulting gig.

“After 14 years as CEO, this is an ideal time for me to serve Marrone Bio in a different, advisory capacity as the company enters its next phase of growth and drives meaningful, long-term shareholder value,” she said in a statement.

“I’m confident that this transition will prove fruitful as the company flourishes into a larger, more mature and profitable company,” she added.

Marrone Bio, based in Davis, California, provides bio-based pest management and plant health products for the US and international agricultural and water markets.

Boasting a portfolio of over 400 current and pending patents, Marrone Bio’s products include Regalia, Stargus, Grandevo, Venerate, Majestene, Haven and Jet Oxide; in addition to these offerings, the company is also formulating another bioherbicide and biofumigant.

Investors were a bit dismayed by Dr Marrone’s departure and the company’s shares dropped 2.8% to hit $1.05 by the bell Monday.

Quick facts: Marrone Bio Innovations

Price: 1.11 USD

Market: NASDAQ
Market Cap: $165.54 m

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