Neogen Announces Retirement and Appointment to Board of Directors

Neogen Corporation announced that James P. Tobin will retire from the Board of Directors effective May 31, 2025. Tobin has served since 2016, including as Chair of the Governance and Sustainability Committee and member of the Audit Committee. Board Chair James C. Borel will act as interim Chair of the Governance and Sustainability Committee.

Andrea Wainer, former Executive Vice President of Rapid and Molecular Diagnostics at Abbott Laboratories, will join the Board as a Class II director on June 1, 2025. She will also serve on the Governance and Sustainability and Science, Technology, and Innovation Committees. Wainer currently serves as a director of Analog Devices, Inc.

Neogen CEO John Adent to Step Down; Search for Successor Underway

Neogen Corporation announced that CEO and President John Adent will step down after eight years in the role. He will remain in position until a successor is appointed. The company’s board has formed a special search committee and hired an executive search firm to oversee the transition.

Board Chair Jim Borel expressed appreciation for Adent’s leadership, noting that Neogen is well-positioned to advance its strategic initiatives and capitalize on growth opportunities in the food safety market. Adent emphasized his pride in the company’s progress and pledged continued focus on performance and a smooth leadership transition.

Neogen, a global provider of food and animal safety solutions, operates in over 140 countries and continues to prioritize innovation and portfolio optimization.

Neogen Announces Refinancing of Term Loan and Credit Facility, Extending Maturities and Reducing Interest Costs

Neogen Corporation has successfully refinanced its remaining $550 million term loan and revolving credit facility ahead of their August 2027 maturities. The new financing includes a $450 million term loan and a $250 million revolving credit facility, both maturing in April 2030. This move extends maturity timelines by more than two and a half years and increases the revolving credit capacity by $100 million.

With a new interest rate of SOFR plus 175 basis points—60 basis points lower than before—the transaction is leverage-neutral and provides greater balance sheet flexibility. JPMorgan Chase led the refinancing alongside BofA Securities, Citizens Bank, Goldman Sachs, and Wells Fargo.

Neogen’s CFO and COO David Naemura highlighted the deal as a strategic step to preserve liquidity, reduce financing costs, and support the company’s financial agility. Neogen continues to deliver food safety and animal health solutions across more than 140 countries.