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UBiome, the company specializing in dung tests, has just appointed two new board members with expertise in bankruptcy and restructuring, to guide the start-up in the fight against the departure of its main leaders and the fallout of an FBI investigation.
The two new board members are Spencer Wells, founder and partner of Drivetrain Advisors, a firm specializing in corporate repair, and Jan Baker, a retired partner at Latham & Watkins, where he was world co-chair. of the corporate restructuring group. The two people who make up UBiome, Kimmy Scotti, partner of 8VC, now complete the picture.
"Although UBiome is in a difficult transition period, the board and the new management team have already done remarkable work to restructure the company and put it on the right path to growth," he said. said Wells and Baker in a statement sent to Business Insider. "UBiome's portfolio of technologies and core products is very compelling, and we look forward to sharing and providing our expertise as the company embarks on its next chapter."
A leading bankruptcy lawyer and a restructuring expert
Baker was one of the best bankruptcy lawyers at Latham & Watkins and retired from the law firm in 2016. In 2010, he was named to Law360's list of bankruptcy attorneys most admired and has been president of the American College of Bankruptcy as well as the chairman of its board of directors.
Prior to founding Drivetrain, Wells had been involved in managing a $ 2.5 billion credit investment portfolio in troubled businesses for TPG Capital. According to his biography on the Drivertrain website, he is now focusing on "expertise in bankruptcy and restructuring in companies in crisis or distress".
The highest ranks of UBiome are now staffed with leaders with a lot of experience in troubled societies. The chief executive officer of the company is Curtis Solsvig, a turnaround expert and general manager of Goldin Associates. The CFO and COO, also of Goldin, are Robin Chiu and Karthik Bhavaraju.
Founded in 2012, uBiome has raised $ 105 million from investors and realized a $ 600 million valuation on the hope of helping people understand the bacteria in their body, called microbiome. The company's problems were first seen by the public in April, when the FBI had raided the startup, as part of a survey of UBiome's billing practices, reported the Wall Street Journal.
The former CEOs of uiBiome have all left the startup
Following the FBI raid, co-founders Jessica Richman and Zachary Apte were removed from their roles as co-CEOs, and General Counsel John Rakow was appointed Acting Executive Director. In June, Richman and Apte resigned from the company, leaving Kimmy Scotti, an 8VC partner, as a single member of UBiome's board of directors. Rakow left at the end of June as well.
The company then announced its intention to appoint new members to the board of directors, who have "extensive experience in leading companies in complex situations". Three leaders of Goldin Associates consulting firm have been appointed to lead uBiome.
Earlier this month, a series of layoffs halved the company's workforce.
Read more: & # 39; s s — show: uBiome halves its workforce as distressed poo testing start-up looks for a way forward after FBI raid
The board of directors of uiBiome had six members as recently as in April. In May, two board members resigned, while in April, former Novartis CEO Joe Jimenez also left the board.
Learn more about UBiome's coverage by Business Insider.
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