Jan 5, 2023

New CEO named at ProducePay

ProducePay has named Patrick McCullough as the company’s new chief executive officer. He succeeds Pablo Borquez Schwarzbeck, who was CEO since he founded the company in 2014.

Prior to joining ProducePay, McCullough was a ProducePay board member and advisor for two years. A 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, according to a news release.

“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,” Borquez Schwarzbeck, ProducePay’s executive director of the board, said in the release. “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, McCullough played an important role in ProducePay’s capital raising, more than quadrupling the platform’s gross merchandise value to nearly $4 billion over the past two years, according to the release.

“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,” McCullough said in the release. “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 assumes the role of executive director of the board. Since ProducePay’s founding, Schwarzbeck 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,” ProducePay leaders said in the release. In his new role, Schwarzbeck will continue to guide the company’s vision and spend more time listening to customers and advising ProducePay on its services and offerings, according to the release.

Additionally, co-founder Ben Dusastre plans to 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 board member and part of the company’s credit committee, according to the release.

An alternative financing, data and marketplace company, ProducePay’s marketplace pre-vetts and matches growers and buyers to make transactions with each other.