Raisio plc Stock Exchange Release 25 June 2014 at 15.00 Finnish time
Dr. TIM LONDERGAN OF INTELLECTUAL VENTURES APPOINTED AS CEO OF BENEMILK LTD
Dr. Tim Londergan has been appointed CEO of Benemilk Ltd effective 1 July 2014. Raisio and Intellectual Ventures®(IV®) intend to accelerate business development and licensing activities for the Benemilk invention.
Prior to this assignment, Dr. Londergan has been leading Portfolio Management for the Invention Development Fund (IDF) at Intellectual Ventures. The Portfolio Management Group is responsible for coordinating and driving IDF’s global monetization strategies, structures, and partner programs. Before joining IV, Dr. Londergan was a co-founder of nanotechnology company Lumera (now Gigoptix) where he served in both technology and marketing roles. Dr. Londergan has earned a bachelor’s degree in chemistry from St. Bonaventure University and a doctorate in organic chemistry from the University of Southern California.
Edward Jung, Founder and CTO of Intellectual Ventures (IV), said this about Dr. Londergan’s new assignment: “IV has a deep bench of scientific, business, and IP talent, as exemplified by Tim Londergan. We have a program to inject key employees into our new ventures as another way to create value for our partners. Tim’s expertise will be crucial in building the global Benemilk licensing business.”
Matti Rihko, Raisio plc’s CEO and Benemilk Ltd’s Chairman of the Board, says: “Success in any company, but especially in an early-stage growth company, depends on human resources. Tim’s education and scientific background, hands-on business experience, and leadership style make him an ideal candidate to lead Benemilk Ltd. I am very pleased that Tim has been appointed as Benemilk’s CEO and that under his leadership we now have an opportunity to create a leading international organisation that will drive global success for Benemilk.”
“I strongly believe in the potential of Benemilk to dramatically enhance the productivity of the global dairy industry,” said Tim Londergan. ”I look forward to leading the Benemilk joint venture with the support of Intellectual Ventures and Raisio.”
Founded in 2000, Intellectual Ventures (IV) is the global leader in the business of invention. IV collaborates with leading inventors, partners with pioneering companies, and invests expertise and capital in the process of invention. IV’s mission is to energize and streamline an invention economy that will drive innovation around the world.
RAISIO PLC
Heidi Hirvonen
Communications and IR Manager
tel. +358 50 567 3060
Further information, Raisio:
Matti Rihko, CEO of Raisio plc, tel. +358 400 820 727
Further information, Intellectual Ventures:
Nicholas Gibson, Director, International Marketing, tel. +1 8190 1509 2417, Gibson(at)intven.com
Raisio Group briefly
Raisio plc is an international specialist in plant-based nutrition. Raisio’s operations are divided into two divisions: Brands and Raisioagro. The Group’s key market areas are Finland, Great Britain, the Czech Republic, Russia, Ukraine, Poland, Estonia and Sweden. Raisio plc’s shares are listed on NASDAQ OMX Helsinki Ltd. In 2013, the Group's net sales totalled EUR 558 million and EBIT was EUR 39 million. The Group employs some 1,900 people. Raisio’s best-known brands are Benecol, Honey Monster, Elovena, Fox’s, Dormen, Juicee Gummee, Poppets and Benemilk.
Distribution
NASDAQ OMX
Key media
www.raisio.com