-- Pam Haley
to be replaced by Thomas J. Schaefer
effective January 3, 2023
--
DAVIS,
Calif., Nov. 30, 2022 /PRNewswire/ -- Arcadia
Biosciences, Inc.® (NASDAQ: RKDA), a producer and
marketer of innovative, plant-based health and wellness products,
announced that CFO Pam Haley will be
leaving the company and will be replaced by Thomas J. Schaefer, effective January 3, 2023. Schaefer is currently
Arcadia's vice president of
finance and investor relations. Haley will remain in an advisory
role to support the transition.
"On behalf of Arcadia, I would
like to thank Pam for her many contributions over the past 17
years," said Board of Directors Chairman Kevin Comcowich. "She has been instrumental in
guiding the company through numerous changes and challenges, and
while we are sad to see her go, we wish her all the best in the
next phase of her career."
Schaefer is an accomplished finance executive with more than 20
years of experience in investments and corporate finance. He began
his career as an equity research analyst and later joined a Fortune
500 company where he helped lead several acquisitions and
divestitures. In 2013, Schaefer moved into consumer products where
he led teams, developed long-range strategies and helped launch new
products across a variety of industries including vitamins and
apparel. He later served as director of finance at Flavor
Producers, a portfolio company owned by private equity firm GTCR
that specialized in beverages and snacks, before joining
Arcadia in 2020.
Schaefer earned a bachelor of business administration in
economics and finance from McKendree University and a master of
business administration from the Marshall School of Business at the
University of Southern California. He
also holds the Chartered Financial Analyst (CFA) designation.
"T.J. has played a lead role in the commercial launch of
GoodWheat™ as well as the development of our long-term
strategy known as Project Greenfield," said Stan Jacot, CEO. "With his industry knowledge
and solid relationships throughout the organization, he has already
had a huge impact as we transitioned from ag research to consumer
goods, and I welcome his leadership in building the financial
organization to support our future growth."
"Arcadia is in the early stage
of commercial product launch with many exciting opportunities on
the horizon," said Schaefer. "I look forward to working closely
with the team to make these products successful."
About Arcadia Biosciences,
Inc.
Since 2002, Arcadia Biosciences (NASDAQ: RKDA) has been
innovating crops to provide high-value, healthy ingredients to meet
consumer demands for healthier choices. With its roots in
agricultural innovation, Arcadia
cultivates next-generation wellness products that make every body
feel good, inside and out. The company's food, beverage and body
care products include GoodWheat™,
Zola® coconut water, ProVault™ topical
pain relief and SoulSpring™ bath and body care. For more
information, visit 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 transition of the CFO
position, the success of the company's long-term strategy 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,
2021 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.