Arcadia Biosciences Inc. has hired a food and brand marketing veteran as its new CEO.
Stan Jacot, previously president of Jane’s Dough Foods in the Columbus, Ohio area, became CEO on Wednesday.
Jacot has had senior marketing and operations roles at Mission Foods in Texas, Borden Dairy Co., ConAgra Brands Inc. (NYSE: CAG) and Kellogg Co. (NYSE: K).
"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, in a news release.
Davis-based Arcadia (Nasdaq: RKDA) announced in September that CEO Matt Plavan would step down at the end of December as the company transitions from being a plant research and wellness ingredients company to a consumer products company.
Plavan presided over several acquisitions, including two last year. In April last year, 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 last year, Arcadia acquired the non-THC portfolio of wellness product brands from Shawn "Jay-Z" Carter’s San Jose-based cannabis company TPCO Holding Corp. for $6.16 million.
The TPCO portfolio of products includes bath and body brand Soul Spring, body care brand Saavy Naturals, coconut water brand Zola and CBD-infused sports performance products brand Provault.
Arcadia was one of the Sacramento region’s fastest-growing companies last year, marking three-year revenue growth of 448.8% for 2018 through 2020.
In the years 2018 through 2020, the company focused on the development and sales of its genetically stable legal hemp seeds, high-yield soybeans, and a high-fiber wheat and lower-gluten wheat that it developed in its research labs.
Arcadia said Jacot was selected by its board of directors after a nationwide search.
"Stan has built an impressive career developing organizations and strategies to drive aggressive growth for existing and emerging better-for-you consumer brands," said Kevin Comcowich, chairman of Arcadia’s board of directors. "As we continue to transform Arcadia, we are thrilled to have him on board to lead the organization through its next phase of growth."
Arcadia granted Jacot an inducement stock option to purchase a total of 316,108 shares of its common stock at an exercise price of 91 cents, which was the closing price of Arcadia's stock Tuesday. The stock option has a term of 10 years and vests over four years, with 25% of the shares subject to the stock option vesting on the first anniversary his employment, and an additional 1/48th of the shares vesting each month thereafter subject to his continued employment.
Jacot earned a degree in marketing from DePaul University in Chicago, according to his LinkedIn page. He’s been in brand marketing since 1991.
