Today's News

Vancouver, BC, November 17, 2022--(T-Net)--Burcon NutraScience Corporation (TSX: BU), a global technology leader in the development of plant-based proteins for foods and beverages, announced that it has appointed Kip Underwood, a seasoned veteran executive with over 25 years of experience in the food and specialty protein industry, as Chief Executive Officer.

Peter G. Kappel has relinquished his role as interim CEO and remain as chair of Burcon's board of directors.

Mr. Underwood brings deep expertise in sales, marketing, business development and strategy in the specialty protein space. His extensive experience includes executive leadership roles at global companies such as the Solae Company and DuPont Nutrition & Health, where he was responsible for top line sales of $1.4 billion and approximately 250 employees. Known as a champion for growth, Mr. Underwood has led and transformed businesses from multi-year decline into year-over-year growth engines.

Peter G. Kappel, Chairman of the Board, commented: "Kip is a proven leader of global food ingredient businesses with decades of specialty protein experience and an impressive track record of driving sustainable profitable growth. Kip's consumer-centric mindset, go-to-market expertise and passion for building high-performance cultures make him the ideal leader for Burcon's next growth chapter. Burcon's Board is confident that his deep industry knowledge and collective skillset will help the Company in monetizing its intellectual property, executing strategic partnership initiatives, and bringing to market Burcon's innovative protein technologies, to ultimately drive enhanced value for our shareholders.

Mr. Underwood said, "I am honored to join Burcon. As a pioneer in the development of plant-based proteins, Burcon is well positioned to meet the market needs for better, plant-based foods. I see tremendous potential in leveraging its deep expertise and innovation capabilities to drive long-term growth and value creation for the Company and its shareholders. Plant-based foods are an integral piece to creating a more sustainable food system. Burcon can lead the way with its next generation plant protein ingredients. I look forward to working closely with the Board and the entire team to shape the next chapter of Burcon."

Kip Underwood

Mr. Underwood began his career with the Solae Company and held progressively more senior positions until he transitioned from the Senior Sales Director for Europe, into the role of Vice President, Specialty Protein Business for DuPont Nutrition and Health. He held the position of NAFTA Regional President with DuPont Nutrition and Health from 2014 - 2017, where he was responsible for top line sales of $1.4 billion and approximately 250 employees. In that role, he achieved above market growth every year in sectors including baking, dairy, beverage, meat and nutritional supplements.

Mr. Underwood has extensive experience in leading business turnaround from multi-year sales decline to year-over-year growth.

In his latest role at Benson Hill as General Manager and Vice President of Sales, Mr. Underwood led efforts to transform a start-up company to an established food ingredient business. He holds an MBA from Saint Louis University and a Bachelor of Science in Chemical Engineering from University of Missouri-Columbia.

About Burcon NutraScience Corporation

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. With over two decades of experience formulating high-purity proteins that have superior functionality, taste and nutrition, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. In 2019, Merit Functional Foods Corporation ("Merit Foods") was established between Burcon and three veteran food industry executives. Merit Foods has since built and commissioned a state-of-the-art protein production facility in Manitoba, Canada that is producing, under license from Burcon, best-in-class pea and canola proteins for the food and beverage industries.