On 6 July, ingredients manufacturer Ÿnsect has shared the extension of its board of directors and the employment of a new CEO.
In order to set the focus on innovation and science, former CEO and co-founder Antoine Hubert has now taken the position of executive vice president and CŸO. He will continue serving as the company’s representative and spokesperson, strengthen the position in insect industry and support the new appointed CEO Shankar Krishnamoorthy.
“In 12 years, together with our shareholders and our teams, we have risen to immense challenges to make Ÿnsect a leading company in the production of insect proteins for food, pets and plants,” Hubert stated. “Today, and while our flagship site in Amiens is achieving a major milestone in its start-up phase, Ÿnsect has reached a point that requires us to adapt our organization. Therefore, I am handing over the operational reins of the company to Shankar, a seasoned professional that I fully trust and who has demonstrated his great qualities within Ÿnsect over the past two years, thus ensuring the best possible continuity for our teams and our stakeholders.”
Krishnamoorthy has joined the company in 2021 and was former part of Engie’s executive committee.
“I am honored by the trust the board has placed in me and am thrilled to lead Ÿnsect into its next stage of growth,” Krishnamoorthy explained. “I wish to thank Antoine for his dedication and commend his vision in launching Ÿnsect and in leading the company through its formative years. I look forward to working with all Ÿnsectors to tackle our challenges collectively and to relentlessly work to accomplish our mission.”
After having completed the first part of the Series D funding round, the company has added Eugenio Minvielle, Jean-Christophe Quémard, Hans Wackwitz, Jean-Paul Lemonnier, Eric Archambeau, Gilles Schang, and François-Xavier de Thieulloy to its board of directors.
Having gained over 30 years of experience in consumer goods industries worldwide, Minvielle joins as president and founder of INNIT International and former president and CEO of Unilever and Nestlé.
Quémard has previously worked at PSA/Stellantis and EXCOM, holding 36 years of experience in the automotive industry.
Wackwitz joins the board as founder of Partners in Equity and is experienced working for investment firms for 13 years.
Lemonnier is working as CEO and head of growth investments at Peugeot Invest UK.
Archambeau has founded different venture capital business and is co-founder and partner at Astanor Ventures.
Having served as technology venture capitalist for over 20 years, Schang has become part of the director’s board as deputy managing director of Bpifrance’s Ecotechnologies.
Finally, de Thieulloy is working as director of expertise at Bpifrance with 15 years of experience in that area.
“Ÿnsect is on the cusp of transitioning from a late-stage startup to a commercially viable company scaling up to meet its strategic objectives,” Wackwitz said. “At this important juncture of the company’s transition, the board of directors is pleased to appoint Shankar Krishnamoorthy as the CEO of Ynsect. Shankar has a proven track record as a CEO leading sustained, profitable growth in the competitive and challenging energy sector, has led culturally diverse teams across business development, technology and plant operations, finance and human resources, and prior to Ÿnsect, was on the executive committee of ENGIE, a CAC 40 company.
“Shankar will take over from Antoine Hubert, who will continue at Ÿnsect lending his vision, abundant passion, expertise and experience to focus on advancing and advocating for Ÿnsect’s science, impact and influence,” he continued. “The board counts on Antoine to be the face of Ÿnsect and continuing to represent its strong values.”