AgTech Leader ProducePay Appoints Global Corporate Veteran Patrick McCullough as New Chief Executive Officer
Co-Founders Pablo Borquez Schwarzbeck and Ben Dusastre transition to Executive Director of the Board and Board Member, respectively
LOS ANGELES – January 4, 2023 – Following a breakout year of accelerated growth and commercial milestones, ProducePay, the marketplace transforming the global produce industry into a more connected and sustainable supply chain, today announced the appointment of Patrick McCullough as the company’s new Chief Executive Officer—succeeding Pablo Borquez Schwarzbeck who has served as CEO since founding the company in 2014.
Prior to being appointed CEO, McCullough served as a board member and advisor to ProducePay for two years. An esteemed global business leader, McCullough brings to this role more than 25 years of corporate experience and deep expertise in international business development, structuring and joint ventures from leadership positions held at startups and Fortune 500 companies such as Ford Motor Company, Berkshire Hathaway and Just Energy.
“Patrick’s prior experience as CEO, his expertise in customer acquisition, and his intimate knowledge of our business, products, and mission make the perfect combination of skills to take ProducePay to new heights,” said Executive Director of the Board Borquez Schwarzbeck. “With Patrick helming the leadership team, ProducePay will accelerate its expansion exponentially in current and new markets and advance its mission to further transform the global produce industry.”
As a Board member and advisor, Patrick has played a vital role in ProducePay’s capital raising and more than quadrupling the platform’s Gross Merchandise Value to nearly $4 billion over the past two years. As CEO, he will continue to scale the business, while partnering with Borquez Schwarzbeck and the Board to deliver customer and shareholder value.
“I’ve been incredibly fortunate to work closely with the talented team at ProducePay and witness firsthand how this online marketplace profoundly benefits produce sellers and buyers,” said McCullough. “I’m proud to take on this role and to extend the company’s growth pathway as we enter new markets and continue providing the produce industry with high impact services that directly improve their businesses.”
Borquez Schwarzbeck now assumes the role of Executive Director of the Board. Since ProducePay’s founding in 2014, he has raised $500 million in equity and debt capital while being a staunch advocate for empowering farmers by giving them direct access to market and financial solutions. In his new role, Borquez Schwarzbeck will continue to help guide the company’s vision and spend more time listening to customers and advising ProducePay on its services and offerings.
Additionally, co-founder Ben Dusastre will step down as ProducePay’s President to continue his passion for supporting startup companies. He will, however, maintain a close relationship with ProducePay as a member of the board and part of the company’s Credit Committee.
“Ben has been an amazing partner from ProducePay’s inception and has been a driving force behind the company’s growth. It has been an incredible journey for us to get to where we are now, and he will continue to be instrumental to the company’s future success,” Borquez Schwarzbeck continued.
These leadership changes come at the end of a banner 2022 year for ProducePay. In all, the company grew YOY by 85% and grew overall transactions on its marketplace by 279%—driven by continued growth in North America and launches in new markets in Central and South America. In the past year, ProducePay also successfully launched a new Quick-Pay financing service available on its platform and a first-of-its-kind carbon offset program for its grower customers.
Founded by Pablo Borquez Schwarzbeck, a fourth-generation farmer, ProducePay is transforming the fragmented produce industry into a more connected and sustainable movement. ProducePay gives farmers unprecedented access to the market, financial solutions, and trade protection they need. Buyers and consumers receive fresher produce more efficiently, knowing it is grown and delivered in responsible ways. This simplified and empowering approach is helping to eliminate over 50% of economic and food waste, while creating value for everyone involved. To learn more about ProducePay, please visit https://producepay.com/