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.