DAVIS, Calif., Sept. 7, 2021 /PRNewswire/ -- Arcadia
Biosciences, Inc.® (Nasdaq: RKDA), a producer and
marketer of innovative, plant-based health and wellness products,
announced that it has launched a national search for a new Chief
Executive Officer as the company further expands into the consumer
packaged goods sector. CEO Matt
Plavan will step down from the role once a successor is
named, which is expected to occur by the end of the year.
Plavan joined Arcadia in 2016
as Chief Financial Officer and has served as Chief Executive
Officer since 2019, overseeing the company's successful transition
from an agricultural biotechnology trailblazer to a dynamic
consumer products company focused on products in on-trend
categories with significant growth potential.
"The progress we have made in a remarkably short period of time
after planting the flag as a CPG company has been extraordinary,
and it's a testament to the talent and commitment of our team,"
said Plavan. "With a portfolio of plant-based, better-for-you
food and wellness products now in place and under development,
Arcadia is well-positioned to
leverage its innovation-oriented heritage, elevate its brands and
further penetrate the consumer health and wellness categories.
Having reached this pivotal point, the timing makes sense to begin
the process of transitioning to a new leader with deep experience
running successful CPG organizations who will be able to build on
the company's momentum, accelerate speed-to-market and capitalize
on the tremendous growth opportunities ahead."
"Matt has deftly led Arcadia
through a critical transformational phase, as we transitioned our
focus from developing to commercializing a portfolio of specialty
wheat ingredients, while, at the same time, acquiring and
integrating additional food and wellness brands," said Arcadia
Chairman, Kevin Comcowich. "His
talent, energy and dedication – particularly in the face of a
global pandemic – have paved the way for significant long-term
growth and value creation. We look forward to his ongoing
support as we work towards this leadership transition and the
passing of the baton to a CPG-industry veteran for Arcadia's next chapter."
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) is now a
producer of innovative, plant-based health and wellness products,
within the portfolios of GoodWheat™ and
Lief™, which includes popular brands Soul
Spring™, ProVault™, Saavy
Naturals® and Zola® coconut water. The
company's growing number of innovative offerings are designed to
enhance quality and health benefits in an array of consumer 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 timing to transition the
CEO position, sales growth and product awareness and
commercialization. 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: Arcadia's and its partners' and affiliates'
ability to develop commercial products incorporating their traits,
and complete the regulatory review process for such products;
customer demand and commercial success of such products;
Arcadia's compliance with laws and
regulations that impact Arcadia's
business, including the sale of products containing CBD, and
changes to such laws and regulations; Arcadia's future capital requirements and
ability to satisfy its capital needs; the impact of COVID-19 on
Arcadia's business; Arcadia's ability to develop, enforce and
defend its intellectual property rights; and the other risks set
forth in Arcadia's filings with
the Securities and Exchange Commission from time to time, including
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.