ChromaDex® Corp. (OTCQB: CDXC), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food and beverage, animal health, cosmetic and pharmaceutical industries, announced an addition to its board of directors with the appointment of Steve Allen as an independent director.
Allen, age 64, has extensive experience in negotiating merger and acquisition deals and coordinating related due diligence. He has many years of experience handling both in and out-licensing agreements with technology providers and branded companies.
Allen retired from Nestlé in December 2009 after a 30-year career in sales, marketing and general management. In 2002, he joined the Mergers and Acquisitions group of Nestlé. He was heavily involved in their venture capital investments (Nestlé has over $800 million invested in a variety of venture funds) as well as out licensing technologies.
He is currently nonexecutive vice chairman of 6 Pacific Group, a Los Angeles based boutique advisory and investment firm, which assists food and beverage companies with capital formation, acquisitions and divestitures. Recently the firm represented New Chapter in the sale to Procter & Gamble—one of the most significant acquisitions in the supplement business in recent years.
Allen cofounded and is a member of the Screening Committee of Nutrition Capital Network, a business that brings together entrepreneurs and investors in the nutrition and food industries. The major global food and beverage companies (e.g., Coca-Cola, Unilever, General Mills, PepsiCo, Campbell's, Amway, Hershey's and Nestlé) are cornerstone investors in Nutrition Capital Network and attend the three meetings each year where exciting new investment and partnering opportunities are presented.
Allen is also the managing partner of California Agricultural Orchards LLC, which owns almond properties in the Central Valley of California and is President of the Board of the North American Foundation for the University of Leeds where he obtained a B.Sc. with Honors.
Commenting on the appointment, Allen stated, "I have known of and followed ChromaDex for years, and am proud to join its board of directors. The Company and its management have an excellent reputation within the nutritional supplement industry and the accomplishments in their ingredient technologies business, in such a short time frame, is nothing short of outstanding. I feel my experience, skill sets and industry contacts are very well suited for this appointment. I look forward working with Frank Jaksch and entire ChromaDex team."
Frank Jaksch, Jr., CEO and cofounder of ChromaDex, commented, "It is with great pride and enthusiasm that I welcome Steve as a ChromaDex director. His tremendous insight and experience in the nutritional industry will be a great asset to both our Board and management team."
ChromaDex also announced the resignation of Curtis Lockshin from its board of directors. The total number of board members remains at nine, of which the majority are independent.