LONDON: Shellbay Investments Limited, providing portfolio management and investment services, has appointed Dr Philip Boigner as its interim Chief Executive Officer with immediate effect.
The appointment of Dr Boigner follows a strategic review by Mr James Mellon, the non-executive chair of Agronomics, and indirectly the sole owner of Shellbay.
Mr Anthony Chow, the former Chief Executive Officer, has left Shellbay with immediate effect. Mr Chow, however, will be available to Shellbay, Dr Boigner and the Company, to ensure an orderly handover or responsibilities, and continued good relations with the Company’s portfolio investee companies.
Dr Boigner serves as Director at New Agrarian Company Limited, an active investor in cell agriculture and fermentation technologies (and an affiliate of Agronomics, having a number of portfolio companies in common, also advised by Shellbay).
In addition, he has managed capital for sovereign wealth funds and investment companies with a combined AUM in excess of many US$ billions. He has global experience and a successful track record of executing venture capital, private equity, and fund investments.
Dr Boigner has a diverse skill set ranging from private markets and alternative assets to innovation, ecosystem building and company turn-arounds.
Shellbay is a related party of the Company, as Mr Jim Mellon is indirectly the sole owner of Shellbay and Mr Denham Eke is the sole director of Shellbay. Mr Mellon and Mr Eke are directors of Agronomics.
Commenting on the appointment of Dr Boigner, Mr Mellon noted, “Philip is a first class executive, with years of experience identifying and realising value from great companies and technologies. I have worked with him for a number of years at New Agrarian Company and I have great confidence that he will provide the necessary skills to bring success to Shellbay, and in particular the Agronomics portfolio. The share price remains extremely disappointing notwithstanding general poor market conditions and sentiment, and the discount to the Company’s net asset value is unacceptable. I would like to thank Anthony Chow for his work building the portfolio, but between Philip and I, supported by the rest of the Board, we will ensure investors understand the great value opportunity that exists currently, the enormous strides that have been made by companies in the portfolio recently, and the great potential of these technologies.”