Business
Arcadia Biosciences Announces Management Succession; Provides Financial Guidance
DAVIS, Calif., Aug. 26, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":"DAVIS, Calif., Aug. 26, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, announced today that Raj Ketkar, president and CEO, will retire effective September 1, 2019. In line with its succession plan, the board has appointed Matthew Plavan to chief executive officer and member of the board of directors. Plavan is succeeded by Pam Haley as Arcadia's new chief financial officer. \n\n \n\"I am thankful to the board and the team at Arcadia for their support during my tenure at Arcadia\" said Ketkar. \"I wish Arcadia the best in its journey to continued success.\" \n\"I personally, and on behalf of the Board, want to thank Raj for his leadership at Arcadia,\" said Kevin Comcowich, chairman of the board. \"Raj has built a strong executive team and robust commercial capabilities, leaving Arcadia well positioned to execute the commercialization of our product portfolio.\"\nAdded Comcowich, \"We are pleased to welcome Raj's successor, Matt Plavan, to the board and appoint him CEO of Arcadia. During his tenure with the company, Matt has proven to be a strong, dynamic and innovative leader. We are confident he is the right person to lead this next phase of Arcadia's transition from an R&D focused company to one with growing commercial sales.\" \nSince joining the company in 2016 as chief financial officer, Plavan has played an instrumental role in shifting the company's focus towards crop innovation and commercialization. In February, he was named president of Arcadia's new strategic business unit devoted to hemp, Arcadia Specialty Genomics. \nPlavan is an accomplished senior executive with more than 30 years of successful leadership experience in public and private companies within the ag-tech, cell-therapy and healthcare industries. Prior to joining Arcadia in 2016, he served as CEO and board member at Cesca Therapeutics. Plavan holds a Bachelor of Arts in Business Economics from University of California at Santa Barbara and is a certified public accountant. \n\"I am grateful to the board for this opportunity and honored to lead such an exceptional organization of scientists, strategists and innovators,\" said Plavan. \"I look forward to working with this talented team to achieve large-scale commercializatio...