Gourmet News

Costco’s Jelinek Stepping Down, Vachris Promoted

Published October 18, 2023

Craig Jelinek has confirmed his intention to step down as chief executive officer of Costco Wholesale Corporation, effective Jan. 1. The board of directors has elected Ron Vachris, president and chief operating officer since February 2022, as president and chief executive officer, effective Jan. 1. Jelinek and Vachris have worked hand in hand over the last 21 months in Vachris’s role as president and for many years before that. This is the culmination of the long-standing succession plan that Jelinek has discussed with the board.

Vachris is a Costco veteran, with over 40 years of service to the company, starting as a forklift driver, and subsequently serving in every major role related to Costco’s business operations and merchandising activities.

“Costco has a very strong culture and a deep bench of management talent,” said Jelinek. “I have total confidence in Ron and feel that we are fortunate as a company to have an executive of his caliber to succeed me.”

Jelinek will remain with Costco through April, serving in an advisory role and assisting Vachris during the transition. Jelinek will also continue to serve on the board of directors and will stand for reelection at the January annual meeting.

The company announced that its board of directors has declared a quarterly cash dividend on Costco common stock of $1.02 per share. The quarterly dividend is payable Nov. 17 to shareholders of record at the close of business on Nov. 3.

Costco operates 861 warehouses, including 591 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, five in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia.

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Truffle Avenue Extols Romanian Delicacy in US eCommerce

Published October 17, 2023

In a strategic shift in the culinary landscape, Truffle Avenue has launched its U.S.-based website—a platform for customers to select from various top-quality truffles and have them delivered directly to their home or business. The company challenges the conventional focus on Italian truffles, introducing food enthusiasts and chefs to the diverse and untapped world of Romanian truffles.

The Truffle Avenue website aims to facilitate a direct connection between truffle hunters and consumer guaranteeing premium quality and authentic flavor profiles distinct to the Romanian terrain.

Truffle Avenue’s website delivers transparency and quality to customers. It enables users to explore and order varying types, weights, and sizes of hand-picked, fresh black and white truffles, all from unique climatic and soil conditions.

The launch of Truffle Avenue’s website is a stride towards reshaping perceptions and nurturing appreciation for the rich, varied, and undiscovered truffle-producing regions of Eastern Europe. It debunks the entrenched belief in the exclusivity of Italian truffles, highlighting the distinctive flavors of Romanian truffles.

Horatiu’s mission also serves to recognize the diligent and highly skilled Romanian truffle hunters, spotlighting the untold stories and immense efforts invested in sourcing this delicacy.

Truffle Avenue brings a fresh perspective to the food industry and offers a chance for gourmands to explore new culinary territories.

“In gastronomy, an ingredient’s journey is as crucial as its flavor,” said Horatiu Terpe, founder.

In recent years, the demand to buy fresh truffles has amplified. As this continues, exploration of diverse produce markets is paramount. Truffle Avenue is strategically positioned to meet this growing demand, pioneering a model that ensures truffles are harvested post-order, and truffle delivery occurs overnight to retain maximum flavor for customers.

Truffle Avenue promises the freshest and most premium truffles at competitive prices, linking discerning palates to authentic Romanian truffles and establishing Romania as a crucial contender in the global truffle market. The website’s launch paves the way for households and businesses across America to have easy access to quality Romanian truffles.

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Farmers Business Network, ADM Expand Regenerative Agriculture

Published October 17, 2023

Farmers Business Network, Inc., the global AgTech platform and farmer-to-farmer network, celebrates several milestones achieved and significant expansions including regenerative agriculture through a growing partnership with ADM, a global leader in sustainable agriculture supply chains.

In 2022, FBN and ADM launched a collaboration allowing ADM customers to leverage FBN’s innovative digital farm business management platform, Gradable. This collaboration successfully enrolled 1,500 growers and covered over 1 million cultivated acres of farmland, rewarding producers for conservation practices like cover cropping, conservation tillage, and emission reductions. In 2023, this program will continue to grow.

“ADM continues to lead the industry when it comes to their sustainability efforts,” said John Vaske, CEO, Farmers Business Network. “We’re proud that our technology and solutions can help power that transformation while simultaneously providing vital revenue streams for both FBN and ADM customers.”

FBN empowers growers to better manage their operations and make decisions to expand profitability potential. Through its Gradable platform, farms are encouraged to incorporate sustainable practices into their operation by attributing value to their conservation activities. Growers submit data securely, allowing Gradable to validate their sustainable practices and calculate the corresponding environmental outcomes. FBN and Gradable enable ADM and farmers to access voluntary and regulatory rewards within the supply chain through practice and outcome claims. Conveniently, farmers access this service and technology via the FBN app, the same place that allows them to securely link their ADM account information, providing them with a single app for viewing futures, cash grain bids, scale tickets, contracts and settlements while also staying updated with market relevant information, daily market news, and more.

In 2023, FBN’s critical role in this partnership will help power a significant expansion of ADM’s re:generations regenerative agriculture programs, which offer a broad array of financial and technical support to producers either adopting or continuing current regenerative ag practices. This will ultimately attach positive environmental impacts to food, feed and fuel ingredients for downstream ADM customers. In addition, the program highlights the good work producers are doing to reduce greenhouse gas emissions, improve water quality and soil health, and enhance biodiversity through proactive practices like the use of cover crops, nutrient management and reduced tillage. ADM enrolled more than a million North American acres in regenerative agriculture programs in 2022, and FBN is helping to enable ambitious 2023 goals, including:

Growing acres of conservation activities in more geographies: More than 2 million acres spanning across 18 states in the US and three provinces in Canada will participate in the programs
Growing farm participation across more commodities: More than 3,000 growers will participate in re:generations programs designed for corn, soybeans, wheat, cotton, peanuts, and more
Growing incentives: Participating farmers stand to earn rewards up to $25 per acre

“We’re proud to continue to expand our work with FBN, whose technology is helping ADM dramatically expand regenerative agriculture acres,” said Greg Morris, president of ADM’s Ag Services and Oilseeds business. “Farmers have always been stewards of the environment, and Gradable is a key enabler in our efforts to help producers improve their bottom lines, strengthen farm resiliency, meet growing global demand for more sustainably sourced products, and help pave the way to a more sustainable future.”

This FBN news comes on the heels of rapid momentum for the company. In recent months v rolled out its Instant Approval financing option, and launched AcreVision, a robust free farmland evaluation solution.

Farmers Business Network, Inc. is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First promise has attracted over 65,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings.

FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has principal offices in San Carlos, Calif., and Chicago with significant warehouse and logistics, remote and field employees across the United States and Canada.

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