PriyaPatelTLDR: The chief financial officer of Edible Garden, Michael James, has retired from his positions as CFO, treasurer, secretary, and director. The board has appointed Kostas Dafoulas as the interim CFO. Dafoulas has been serving as a consultant to the company on behalf of CapConnect+ since November. James will receive a severance payment of $300,000 and may be eligible for additional milestone payments if he completes certain transitional deliverables.
Key points:
- Edible Garden CFO, Michael James, has retired from his positions as CFO, treasurer, secretary, and director.
- Kostas Dafoulas has been appointed as the interim CFO.
- Dafoulas has been serving as a consultant to the company on behalf of CapConnect+.
- James will receive a severance payment of $300,000 and may be eligible for additional milestone payments.
The chief financial officer of Edible Garden, Michael James, has retired from his positions as CFO, treasurer, secretary, and director. The controlled environment agriculture produce grower announced on Friday that James has retired and will be succeeded on an interim basis by Kostas Dafoulas, a company consultant. Dafoulas has been serving as a consultant to the company on behalf of CapConnect+ since November, providing financial reporting and related services.
In connection with his retirement, James has entered into an agreement with the company under which he will receive a severance payment of $300,000 over the next 12 months. He will also be eligible for another $300,000 in milestone payments if he completes certain transitional deliverables, according to a securities filing.
Edible Garden is a controlled environment agriculture produce grower that specializes in growing organic herbs and leafy greens. The company operates several indoor farms across the United States, using hydroponic and vertical farming techniques to maximize efficiency and sustainability. As CFO, James was responsible for overseeing the company’s financial operations and helping to drive its growth strategy.
The appointment of Dafoulas as the interim CFO is expected to help ensure a smooth transition and continuity in the company’s financial management. Dafoulas has extensive experience in financial reporting and related services, making him a suitable candidate for the role. The board will continue to search for a permanent CFO to fill the position.
Edible Garden is committed to promoting sustainable agriculture and providing high-quality, organic produce to consumers. The company’s mission is to revolutionize the way food is grown and distributed, reducing the environmental impact of traditional farming methods. With its innovative growing techniques and focus on sustainability, Edible Garden aims to be a leader in the controlled environment agriculture industry.
