FRANCE- Ÿnsect, a leading company in insect production has replaced its chief executive officer (CEO) shortly after raising the first tranche of €160 (US$175.80) million in Series D funding announced in April.
The new CEO Shankar Krishnamoorthy, a former member of Engie’s Executive Committee, will succeed Antoine Hubert and steer the company towards achieving its strategic goals.
According to a press release by the insect protein manufacturer, this is a long-envisaged and natural step towards Ynsect’s continued commitment to operational excellence.
Krishnamoorthy who joined Ÿnsect in 2021 to lead international development and the construction of the Amiens site, will have the support of Hubert as he takes up his new role.
He led the opening of new markets and the development of several multi-billion-dollar energy infrastructure projects to support Engie’s international growth and participated in the IPO of Thai assets.
Since 2014, he has worked in London and Paris in several senior roles, including strategy, research, engineering, construction, risk management, and venture capital.
Most recently, he was Executive Vice-President and COO of Ÿnsect, in charge of international development, engineering, and manufacturing, including responsibility for the Amiens site, the largest vertical farm in the world.
According to Ynsect, Antoine Hubert, co-founder of Ÿnsect, is now focusing on innovation, science, influence, and impact, in the roles of Executive Vice-President and CŸO.
As a scientist and environmental activist, Antoine Hubert co-founded Ÿnsect in 2011 with the ambition to make an active and concrete contribution to decarbonizing the food chain in the context of the climate emergency.
He remains a company representative and spokesperson for Ÿnsect and will continue supporting the CEO and CFO on investor relationships and fundraising.
“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. Today, 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,” Hubert said.
Hubert also described Shanka as a seasoned professional who has demonstrated his great qualities within Ÿnsect over the past two years.
“I am honored by the trust the Board has placed in me and am thrilled to lead Ÿnsect into its next stage of growth. 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,’’ added Krishnamoorthy.
Today, Ÿnsect boasts the largest intellectual property portfolio in this fledgling industry, with two research centers in France and the Netherlands and production sites in France and the United States.
Following the closing of the first tranche of Series D funding, Ÿnsect made other changes to its executive committee.
Other members making up the committee include Eugenio Minvielle, the President and Founder of INNIT International, Jean-Christophe Quémard of PSA/Stellantis, Hans Wackwitz, founder of Partners in Equity, Jean-Paul Lemonnier, CEO of Peugeot Invest UK, and Eric Archambeau, co-founder and partner at Astanor Ventures.
Others include Gilles Schang, Deputy Managing Director of Bpifrance’s Ecotechnologies, and François-Xavier de Thieulloy, director of Expertise at Bpifrance.