Riceland Foods Reports Over $1 Billion in Revenue at Annual Membership Meeting

STUTTGART, Ark. (November 18, 2022)– Riceland Foods reported over $1 billion in revenue to its members, staff and guests in attendance at the cooperative’s Annual Membership Meeting on Thursday at the Grand Prairie Center in Stuttgart, Ark.

Riceland’s Chairman of the Board of Directors Roger Pohlner gave the welcome, introduced Jason Brancel, Riceland’s new president and chief executive officer, and shared the latest news from the Board of Directors.

“The single most important duty of Riceland’s Board of Directors is to make sure we have the best leadership possible in the position that heads up ourcooperative,” Pohlner said. “The board put in a lot of hours and hard work to find that right person for the open CEO position, and I am very proud of their efforts and the person selected to lead our cooperative into the future.”

Riceland President and CEO Jason Brancel shared his vision for the cooperative during his CEO Report. He shared Riceland’s new mission, vision and values statements, key strategies for success and how cooperatives like Riceland must honor the past while evolving for the future.

Photo Caption: Riceland President and CEO Jason Brancel leads a panel discussion with the Riceland Leadership Team during the Annual Meeting.

“We at Riceland must embrace what is working – respectfully honoring our legacy, while embracing a period of informed, healthy evolution,” Brancel said. “This requires vision, understanding, clarity, and agility – and above all else a commitment to our member owners and helping them achieve collectively through their cooperative, what they struggle to achieve individually. It has always been a time to work together, and it is even more important now than ever before to work together.”

Vice President and Chief Financial Officer Sandra Morgan gave the financial results from fiscal year 2022 and reported revenue of $1.2 billion and distribution to members of $710 million. Morgan reported the long grain seasonal pool paid $6.26 per bushel when adjust for freight, storage, and interest which was a $0.14 premium to United States Department of Agriculture’s season average price. For soybeans, the seasonal pool paid out $15.84 per bushel which was a $2.54 premium.

The meeting also had an air of celebration and recognition for its members and employees. Pohlner recognized Keith Watkins, a retiring board of directors' member, for his 32 years of service to Riceland members. Ashten Adamson Denman, director of marketing, recognized 26 employees who were nominated by their peers for Riceland’s Grow Good Employee of the Year and Manager of the Year awards.

“These team members go above and beyond, have outstanding work ethic, willing to help others, and maintain a positive attitude,” Denman said. “They represent Riceland well inside and outside the workplace, and today Riceland recognizes them for their outstanding work.”

Photo Caption: Mitch Mayville (left), Riceland's Manager of the Year, Riceland President and CEO Jason Brancel (center) and Jackie Phillips (right), Riceland's Employee of the Year during the Grow Good Employee Recognition Award ceremony.

The 2022 Grow Good Employee of the Year was Jackie Phillips from the Stuttgart Rice Division, and the 2022 Grow Good Manager of the Year was Mitch Mayville from the Stuttgart Soy Division. Phillips has been on the Riceland team for 33 years, and Mayville has been with Riceland for 20 years.

The meeting closed with a sustainability talk centered around how the Riceland Carbon Ready™program creates incentive opportunities for members who utilize sustainable farming practices. Riceland Director of Sustainability Adam Shea, Riceland Sustainability Manager Austin Brown and Riceland farmer member Adam Chappell discussed the history of the cooperative’s Ingrain Good Sustainability Initiative, new market opportunities like the USDA Climate Smart Commodity funding and partnership with consumer-packaged goods companies like Nestle Purina through the lens of a member’s perspective.

“Financial incentives for Riceland members for sustainable practices are finally a reality,” Shea said. “The Riceland Carbon Ready™ program is the first step to ensure our members can take advantage of these historic investments to implement sustainable agriculture.

For more information regarding Riceland Foods, please contact Kevin McGilton at kmcgilton@riceland.com.

About Riceland Foods, Inc

Riceland Foods and its family farmers have provided the world with wholesome, nutritious rice since 1921. Grown in the United States, our rice is known for its high quality and versatility, and that's why Riceland has become a trusted brand around the globe. Riceland is a cooperative, which means we are owned by our 5,500 family farmer members who are also our stockholders and growers. For more information visit:www.riceland.com.

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