-- CEO Stan Jacot replaced by CFO Thomas J. Schaefer --

DALLAS--(BUSINESS WIRE)--Jul. 9, 2024-- Arcadia Biosciences, Inc.^® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, announced that CEO Stan Jacot has left the company and been replaced by Thomas J. Schaefer, effective July 5, 2024. Schaefer was previously Arcadia’s chief financial officer and will be replaced in that role by Mark Kawakami, Arcadia’s current vice president of finance.

“On behalf of Arcadia, I would like to thank Stan for his many contributions to the company,” said Board of Directors Chairman Kevin Comcowich. “Under his leadership, Arcadia expanded the GoodWheat brand into three categories, sold the brand to Above Food, monetized a portion of our wheat IP, revamped Zola coconut water and divested or exited several unprofitable businesses. We wish him all the best in the next phase of his career.”

Schaefer is an accomplished 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 (MBA) 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 significant role in the company’s transition from ag research to consumer goods, and he was instrumental in the development of Project Greenfield, the company’s strategic plan to unlock the company’s potential and provide a path to profitability,” said Comcowich. “We welcome his leadership as we continue to expand the footprint of Zola coconut water, explore strategic opportunities, monetize our IP and create value for our shareholders.”

Schaefer’s successor as chief financial officer, Mark Kawakami, joined Arcadia in 2021, and he has held several key positions, most recently as the vice president of finance. Kawakami brings more than 20 years of finance and accounting experience to the role, with a background in industries such as convenience and retail grocery, food manufacturing, consumer packaged goods and financial services. He is a graduate of the University of Southern California where he earned both a bachelor’s degree and MBA.

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 everybody feel good. 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 success of the company’s long-term strategy, the growth of the company’s Zola business and the monetization of the company’s intellectual property. 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, 2023 and other filings Arcadia makes with the Securities and Exchange Commission. 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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Sue Wandell
ir@arcadiabio.com

Source: Arcadia Biosciences, Inc.