Before coming to Ecoark Holdings Inc. of Rogers and becoming its chairman of the board and CEO, Randy May spent over 15 years in divisional roles with Wal-Mart Stores Inc.
From 1998-2004, he was divisional manager for half the United States for one of Wal-Mart’s specialty divisions and was responsible for all aspects of strategic planning, finance and operations for more than 1,800 stores. Beginning in 2004, May founded and formed several start-up companies focused on solving the retail landscape’s sustainability issues without compromising the bottom line.
Ecoark Holdings Inc. resulted from the merger of Ecoark Inc. of Rogers and Magnolia Solar Corp. of Woburn, Massachusetts, in March.
Briefly describe what Ecoark does, in layman’s terms.
Ecoark seeks environmentally conscious solutions for business problems, using a combination of technology and proven business strategies. Each of the four companies within our portfolio complements the other and our continuous learning as a company. Simply put, our four companies get synergies from each other that enhance shareholder value for investors of Ecoark.
1. Intelleflex gives visibility to the fresh category for systemic cold chain compliance problems among retailers. We are focusing on the fresh category of supply chain management. Currently, retailers are facing losses in excess of $160 billion in this category alone, usually associated with poorly monitored temperature and controls for produce, dairy, meats and other categories.
2. Eco3d is a professional services company that measures existing topographic, structural, mechanical and architectural conditions using a variety of instruments. It then creates highly accurate computerized documentation of these conditions in 2-D and 3-D replications, which are used for renovation, construction and documentation.
3. Pioneer Products/Sable Polymer Solutions is a recycling plant for some of the waste streams in retail. Through technology, these waste streams have been able to be reformulated into a plastic pellet for use by injection molding companies to create new products for retail shelves from their own waste streams.
4. Magnolia Solar works with aerospace, military and other government contracts, developing a solar film element using nanotechnology. It has been highly successful in the reflection of the film and the absorption rate of the energy that passes through the film. Ecoark sees this technology finding its way to retail products in multiple categories.
What’s your pitch to investors?
Our pitch is that we are a growth company that is just getting started. Our vision is founded on futuristic solutions to age-old business problems. Our leadership and team’s expertise mean we’ll continue to grow and adapt to the changing landscape of technology and environmental sustainability.
What did you learn during your long tenure at Wal-Mart that informs your work at Ecoark?
As a long-term operator, Wal-Mart teaches you to think like an owner, treat people with respect and continuously find ways to improve the business in order to provide customer satisfaction. While at Wal-Mart, I always tried to guide my decisions based on three basic beliefs: respect for the individual, service to the customer and a devotion to excellence. Even today, I find this simple formula works great for leading teams, clarifying expectations and defining success.
What was your biggest career mistake and what did you learn from it?
One critical mistake that I made early on as an entrepreneur was not clearly defining the business plan with like-minded partners who shared the same vision and values. I’ve learned that doing this early is important for optimal operation of a business.
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