US beverage group Arcadia Biosciences has promoted CFO Thomas Schaefer to CEO.
Schaefer, who has been the company’s CFO since January 2023, is replacing chief executive Stan Jacot, who has left the business. Just Drinks has asked the group to confirm the reasons for Jacot’s departure.
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Mark Kawakami, Arcadia’s vice president of finance, will replace Schaefer as CFO.
According to the company, Schaefer has “more than 20 years of experience in investments and corporate finance.”
He moved into the consumer products industry in 2013 as a director of finance at Flavour Producers, a beverage and snack company owned by private-equity firm GTCR.
Schaefer also held the position of director of financial planning and analysis at the California-based Century Snacks.
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By GlobalDataKevin Comcowich, Arcadia’s chairman, said Schaefer “has played a significant role in the company’s transition from [agricultural] research to consumer goods, and he was instrumental in the development of Project Greenfield, the company’s strategic plan to unlock the company’s potential and provide a path to profitability”.
“We welcome his leadership as we continue to expand the footprint of Zola coconut water, explore strategic opportunities, monetise our IP and create value for our shareholders.”
Comcowich expressed his gratitude to Jacot for his “many contributions to the company”.
“Under his leadership, Arcadia expanded the GoodWheat brand into three categories, sold the brand to Above Food, monetised a portion of our wheat IP, revamped Zola coconut water and divested or exited several unprofitable businesses. We wish him all the best in the next phase of his career.”
In May, Arcadia announced it had sold GoodWheat, a better-for-you brand offering high-fibre pasta options, cake, pancake and mac and cheese mixtures to Above Food Corp.
Canada-based Above Food paid $4m net for the pasta and pancake mixes business from the food and beverage group.
