Arcadia Stock Climbs 34% on Management Succession Announcement

Arcadia CEO

Arcadia Biosciences (NASDAQ:RKDA) has today announced Matthew Plavan as its next CEO, boosting Arcadia stock over 34% as a result.

Year-High for Arcadia Stock

Plavan will replace outgoing CEO Raj Ketkar, who will retire on September 1, and Pam Hanley will succeed Plavan in his current position of CFO. Since joining the company in 2016, Plavan has overseen the company's shift in focus towards crop innovation and commercialization. In February, the company launched Arcadia Specialty Genomics, a strategic business unit specifically focused on hemp crops, for which he has served as president. Arcadia stock currently sits at a year-high of $8.68 following the announcement.

"I am grateful to the board for this opportunity and honored to lead such an exceptional organization of scientists, strategists, and innovators. I look forward to working with this talented team to achieve large-scale commercialization of our signature nutritional ingredient, GoodWheat™, and accelerate our vertically-integrated hemp seed, cultivation and extraction operations in Hawaii and other legal U.S. markets," said Plavan in today's statement.

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Investors Excited

Arcadia stock suffered earlier in the year, losing over 75% of its value between late February and early August. However, a series of positive moves from the company, such as the announcement of a new partnership with Legacy Ventures, have helped Arcadia Biosciences shares recover most of these losses. Today's movement seems to have investors excited, particularly given Plavan's extensive resume as he brings over 30 years of experience to the role, having built a career in senior leadership roles in the ag-tech, cell-therapy, and healthcare industries.

The company also announced today a global collaboration with Arista Cereal Technologies and Bay State Milling Company for commercialization of high fiber wheat, which has been another beneficial factor for Arcadia stock. As part of the agreement, Bay State Milling will become the exclusive commercial partner for Arcadia's high fiber wheat in North America, while Arista receives exclusive rights under Arcadia's intellectual property in Australia, New Zealand, Europe, Japan, and South Korea.

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