Arcadia Biosciences (RKDA) Names Stan Jacot as CEO

Rhea-AI Summary

Arcadia Biosciences (RKDA) has appointed Stan Jacot as the new CEO, effective February 2, 2022. Jacot brings a wealth of experience from his previous roles, including a successful tenure at Jane's Dough Foods, where he achieved significant growth. He aims to leverage Arcadia's innovative, plant-based product portfolio, highlighting the upcoming launch of GoodWheat pasta. The board's decision follows a nationwide search, and Jacot's appointment includes a stock option grant of 316,108 shares at an exercise price of $0.91, vesting over four years.

Positive

• Stan Jacot brings extensive experience in driving growth from previous positions.
• Jacot's leadership is expected to enhance the growth potential of Arcadia's brands.
• The upcoming launch of GoodWheat pasta presents a significant market opportunity.

Negative

• Transition in leadership may result in uncertainty during the adjustment period.

DAVIS, Calif., Feb. 2, 2022 /PRNewswire/ -- Arcadia Biosciences, Inc.^® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, has appointed veteran consumer goods leader Stan Jacot as chief executive officer, effective today.

Jacot holds an impressive track record of implementing transformational business strategies and profitably driving growth, most recently at Jane's Dough Foods where he achieved a double-digit compound annual growth rate during his six-year tenure. Previously, Jacot held senior marketing and operations roles at Mission Foods, Borden Dairy Company, ConAgra Foods and Kellogg Company across the U.S. and Canada.  

"There's a clear opportunity to grow Arcadia's brands while improving the lives of consumers through our portfolio of better-for-you products," said Jacot. "Now is an exciting time to join the organization, as we prepare for the launch of GoodWheat™ pasta. The food we eat plays a significant role in our collective health, and I look forward to positively impacting the wellbeing of countless consumers through this revolutionary new line of pastas from the next generation of wheat – our GoodWheat."

Jacot was selected as CEO by Arcadia's board of directors after a nationwide search. The role was previously held by Matt Plavan from 2019 until his departure this past December, at which time Chairman of the Board, Kevin Comcowich, was appointed to the position on an interim basis.

"Stan has built an impressive career developing organizations and strategies to drive aggressive growth for existing and emerging better-for-you consumer brands," said Comcowich. "As we continue to transform Arcadia, we are thrilled to have him on board to lead the organization through its next phase of growth."

In connection with the appointment, Arcadia granted Jacot an inducement stock option to purchase a total of 316,108 shares of its common stock. The stock option was granted outside of Arcadia's 2015 Omnibus Equity Incentive Plan (but under the same terms) and was material to Jacot's acceptance of employment with Arcadia. The inducement grant was made and approved in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option was issued upon his commencement of employment (the grant date), and has an exercise price per share of $0.91, which was the closing price of Arcadia's common stock on the grant date. The stock option has a term of ten years and vests over four years, with 25 percent of the shares subject to the stock option vesting on the first anniversary of Jacot's employment, and an additional 1/48th of the shares vesting each month thereafter, subject to his continued service through the vesting dates.

About Arcadia Biosciences, Inc.   
With origins as a trailblazing developer of science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, Arcadia Biosciences (Nasdaq: RKDA) has transformed to become a producer of innovative, plant-based food, beverage and body care products, including GoodWheat™, Zola^® coconut water, Soul Spring™, ProVault™ and Saavy Naturals^®. The company's impressive health and wellness portfolio is designed to deliver a positive impact on consumers' daily lives across an array of product categories. For more information, visit www.arcadiabio.com.

Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the launch of GoodWheat pasta and the growth of the Company's brands. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to, the risks set forth in Arcadia's Annual Report on Form 10-K for the year ended December 31, 2020 and other filings. These forward-looking statements speak only as of the date hereof, and Arcadia Biosciences, Inc. disclaims any obligation to update these forward-looking statements.

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SOURCE Arcadia Biosciences, Inc.

FAQ

Who is the new CEO of Arcadia Biosciences (RKDA)?

Stan Jacot has been appointed as the new CEO of Arcadia Biosciences, effective February 2, 2022.

What is Stan Jacot's background before joining Arcadia (RKDA)?

Stan Jacot has experience leading growth at companies like Jane's Dough Foods and has held various senior roles in major food companies.

What stock options were granted to Stan Jacot by Arcadia (RKDA)?

Stan Jacot was granted an inducement stock option of 316,108 shares at an exercise price of $0.91.

What new product is Arcadia Biosciences (RKDA) launching soon?

Arcadia is preparing to launch GoodWheat pasta, which aims to enhance consumer health.

What is the significance of the leadership change at Arcadia Biosciences (RKDA)?

The leadership change aims to drive the next phase of growth for Arcadia's innovative product portfolio.