DAVIS, Calif.--(BUSINESS WIRE)--Jul. 14, 2016--
Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural technology
company, announced the resignation of two members of its board of
directors, effective July 9, 2016.
Matthew A. Ankrum and James R. Reis notified the company of their
resignations by email in response to a personnel decision made by
Arcadia’s CEO, Raj Ketkar. Ketkar had declined to extend a formal
written offer to a CFO candidate after making a verbal proposal of
employment terms. The Board had selected the candidate following a
coordinated search prior to Ketkar’s employment, which began on May 23,
2016. Ketkar determined that he wanted to personally interview
additional candidates before making a final decision.
Reis was the chair of the board’s Audit committee, and Ankrum was a
member of the Audit and Compensation committees. On July 13, 2016, the
board elected Uday Garg and Rajiv Shah, MD to the Audit Committee.
”We would like to thank Matt and Jim for their service,” said Darby
Shupp, chair of the board of directors. “We are committed to recruiting
new independent directors and a CFO that will enhance our management
team and Board.”
About Arcadia Biosciences, Inc.
Based in Davis, Calif., with additional facilities in Seattle, Wash. and
Phoenix, Ariz., Arcadia Biosciences (NASDAQ: RKDA) develops agricultural
products that create added value for farmers while benefitting the
environment and enhancing human health. Arcadia’s agronomic performance
traits, including Nitrogen Use Efficiency, Water Use Efficiency,
Salinity Tolerance, Heat Tolerance and Herbicide Tolerance, are all
aimed at making agricultural production more economically efficient and
environmentally sound. Arcadia’s nutrition traits and products are aimed
at creating healthier ingredients and whole foods with lower production
costs. The company was recently listed in the Global Cleantech 100 and
was previously named one of MIT Technology Review's 50 Smartest
Companies. 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 relating to the company's corporate governance.
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 company’s
compliance with laws and regulations that impact the company’s business,
and changes to such laws and regulations; and the other risks set forth
in the company’s filings with the Securities and Exchange Commission
from time to time, including the risks set forth in the company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 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.
Arcadia Biosciences, Inc.