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LANSING, Mich. - Neogen Corporation (NASDAQ:NEOG), a food safety solutions provider with a market capitalization of $1.1 billion, has named Mike Nassif as its new Chief Executive Officer and President, effective August 11, 2025. Nassif will also join the company’s Board of Directors, according to a press release statement. InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.91x, though it operates with significant debt.
Nassif will succeed John Adent, who is stepping down after eight years with the company. The incoming CEO joins Neogen from Siemens Healthineers, where he served as Global President of the Point-of-Care Diagnostics business.
"I am very excited to join and lead Neogen at this critical time in its transformational journey," said Nassif in the announcement.
Jim Borel, Neogen’s Board Chair, cited Nassif’s "extensive global experience in the diagnostics space" and "proven ability to drive growth" as key factors in the appointment.
Prior to his role at Siemens Healthineers, Nassif held leadership positions at Baxter Healthcare, AB-InBev, and Johnson & Johnson. His background also includes service as a Captain in the United States Army Corps of Engineers. He holds a Bachelor’s degree in Civil Engineering from the United States Military Academy at West Point and an MBA in Finance from the Wharton School.
Neogen Corporation provides food safety solutions and has operations in more than 140 countries. The company focuses on food safety, livestock, and pet health markets.
In other recent news, Neogen Corporation has completed the sale of its global cleaners and disinfectants business to Kersia Group for $130 million in cash, with additional contingent consideration based on future performance. The company plans to use the proceeds to repay $100 million of debt, which is expected to reduce its net leverage. Neogen also announced plans to divest its genomics business as part of a strategy to focus on its food safety testing segment, a move that may reduce revenue by $150 million and decrease EBITDA by a low twenties million by fiscal 2026. Meanwhile, S&P Global Ratings downgraded Neogen’s issuer credit rating from ’BB+’ to ’BB-’, citing increased leverage and integration issues with 3M Co.’s food safety business. S&P expects Neogen’s adjusted debt to EBITDA ratio to exceed 4x in fiscal 2025. Moody’s Ratings affirmed Neogen Food Safety’s Ba3 Corporate Family Rating but revised the outlook to negative, anticipating the debt/EBITDA ratio will remain above 4 times. This outlook revision considers the recent business sale and factors like government spending cuts and tariff uncertainties, which may impact customer spending.
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