Benson Hill’s Interim CEO Becomes Permanent, Updates Business Model

Four months after its co-founder Matt Crisp stepped down and Deanie Elsner was named interim CEO at Benson Hill, Elsner has been appointed as permanent CEO and the company announces three updates to its business. 

First, Benson Hill announces its expanded liquidity improvement plan. This includes divesting its processing facility in Seymour, Indiana. This is one example of how Benson Hill sees a future with an asset-light business model with a focused expansion into animal feed markets in addition to what it’s built with human food ingredients.

“Benson Hill has the agility to persevere. Based on our ongoing strategic review, we believe the strengthening of our financial foundation, moving to an asset-light business model, and introducing our innovations into attractive broader end markets, is the most feasible path forward for Benson Hill,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “Through the actions we have taken and are continuing to implement, we are poised to deliver significant value as a leader in AI-driven proprietary seed innovation.”

Company management has secured almost 50% of the case needed to retire senior term debt. It’s management’s estimate the company has more than 12 months of liquidity following payoff of the company’s high-cost debt.

Elsner continued, “We are already making progress on our strategic path. With the expected divestiture of our processing facilities, we plan to retire high-cost debt and extend our liquidity by more than 12 months. In addition, we are engaged in discussions with potential partners to scale our current proprietary portfolio and product pipeline for large-acre U.S. animal feed and pet food markets. I am excited about the opportunities to leverage the core strengths of the business for long-term value creation.”

The changes add up to a $33 million run rate operating expense reduction in 2024. And management expects an improved timeline to profitability. 

Second, Benson Hill has built its product pipeline via its proprietary germplasm and CropOS (an AI-based platform for predictive breeding). The company sees potential in focusing on animal feed and pet food via several non-GMO, Ultra-High Protein low oligosaccharide (“UHP-LO”) commercial soybean varieties validating novel value-added attributes for poultry diets, swine rations, and pet food.

Commercially available proprietary soybean varieties and a future innovation pipeline give Benson Hill a first-mover advantage in animal feed and pet food. strategy to expand and diversify its proprietary product portfolio, improve nutrition security, and foster collaboration with industry partners within the food value chain.
Third, Elsner’s permanent appointment as CEO is effective immediately. 

“In her first few months as Interim CEO of Benson Hill, Deanie has demonstrated a keen understanding of the market complexities and has uncovered ways to leverage the strength of CropOS and the company’s unparalleled innovation pipeline,” said Dan Jacobi, Chairman of the Benson Hill Board of Directors. “We appreciate her willingness and enthusiasm to lead the company on this journey, and the Board has every confidence that Deanie is the right person to take Benson Hill into its next phase of growth and keep the company on solid financial footing.”