Arcadia Biosciences, Inc. (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, has appointed veteran consumer goods leader Stan Jacot as chief executive officer, effective today.
Jacot holds an impressive track record of implementing transformational business strategies and profitably driving growth, most recently at Jane’s Dough Foods where he achieved a double-digit compound annual growth rate during his six-year tenure. Previously, Jacot held senior marketing and operations roles at Mission Foods, Borden Dairy Company, ConAgra Foods and Kellogg Company across the U.S. and Canada.
“There’s a clear opportunity to grow Arcadia’s brands while improving the lives of consumers through our portfolio of better-for-you products,” said Jacot. “Now is an exciting time to join the organization, as we prepare for the launch of GoodWheat™ pasta. The food we eat plays a significant role in our collective health, and I look forward to positively impacting the wellbeing of countless consumers through this revolutionary new line of pastas from the next generation of wheat – our GoodWheat.”
Jacot was selected as CEO by Arcadia’s board of directors after a nationwide search. The role was previously held by Matt Plavan from 2019 until his departure this past December, at which time Chairman of the Board, Kevin Comcowich, was appointed to the position on an interim basis.
“Stan has built an impressive career developing organizations and strategies to drive aggressive growth for existing and emerging better-for-you consumer brands,” said Comcowich. “As we continue to transform Arcadia, we are thrilled to have him on board to lead the organization through its next phase of growth.”
In connection with the appointment, Arcadia granted Jacot an inducement stock option to purchase a total of 316,108 shares of its common stock. The stock option was granted outside of Arcadia’s 2015 Omnibus Equity Incentive Plan (but under the same terms) and was material to Jacot’s acceptance of employment with Arcadia. The inducement grant was made and approved in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option was issued upon his commencement of employment (the grant date), and has an exercise price per share of $0.91, which was the closing price of Arcadia’s common stock on the grant date. The stock option has a term of ten years and vests over four years, with 25 percent of the shares subject to the stock option vesting on the first anniversary of Jacot’s employment, and an additional 1/48th of the shares vesting each month thereafter, subject to his continued service through the vesting dates.