Arcadia Biosciences Announces Leadership Transition
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,
With origins as a trailblazing developer of science-based approaches to enhancing the quality and nutritional value of crops and food ingredients,
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
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