The chairman of the board of Arcadia Biosciences Inc. will take over as interim CEO of the company as the board finalizes a search for a permanent CEO.
The Davis-based company announced in September that current CEO Matt Plavan would step down at the end of the year as the company transitions from being a plant research and wellness ingredients company to a consumer products company.
Former investment fund manager Kevin Comcowich, the chairman of the Arcadia (Nasdaq: RKDA) board of directors, will be interim CEO effective Jan. 1.
Plavan will serve as CEO until Dec. 31.
Comcowich will continue to serve as board chair, a role he was appointed to in 2017. He joined the Arcadia board as an independent director in 2016 and previously served as chair of the audit committee.
"This is an exciting time for the company as we are in the final stages of our search for a permanent CEO to lead the company forward," said Comcowich, in a news release. "I'm energized by the impressive work that's being done to build our portfolio of on-trend, plant-based food, beverage and body care products."
Arcadia was one of the Sacramento region’s fastest-growing companies this year, marking three-year revenue growth of 448.8% for 2018 through 2020.
Through the first three quarters of 2021, Arcadia had a net loss of $6.58 million, reducing its loss from the $14.6 million it reported for the year-earlier period. Revenue for the first three quarters of 2021 rose to $4.61 million from $904,000.
Arcadia shares over the last year, have fallen 58%. They closed Monday at $1.035, down 1.5 cents.
Comcowich was elected chairman of the board of Arcadia in 2017, following the death of the then-seated chairman, George Gosbee.
Plavan started with Arcadia as chief financial officer in 2016, the same year it began its pivot from improving niche plant traits to developing traits for plants with larger markets. He was named CEO in 2019.
Plavan presided over several acquisitions, including two this year.
In April, Arcadia acquired the assets of Spanish company Agrasys SA, which developed a hybrid cereal crop that is high in fiber, protein and lutein, and can be used in bread, crackers, pasta and beer. In May, Arcadia acquired the non-THC portfolio of wellness product brand assets from Shawn "Jay-Z" Carter’s San Jose-based cannabis company TPCO Holding Corp. for $6.16 million.
The TPCO portfolio of products Arcadia acquired includes bath and body brand Soul Spring, body care brand Saavy Naturals, coconut water brand Zola and CBD-infused sports performance products brand Provault.
Some of those products are already distributed to more than 5,000 stores.
Comcowich had previously been CEO and portfolio manager of HTX Energy Fund in Houston. He earned an MBA from the University of Indiana and he earned his bachelor’s degree from the College of the Holy Cross.
