The Cotton Board Approves Cotton Incorporated’s 2025 Budget, Elects New Officers
August 19, 2024 During its recent 2024 Annual Meeting, The Cotton Board members serving the Cotton Research and Promotion Program (the Program) reviewed, analyzed, and voted to recommend Cotton Incorporated’s 2025 budget request of $89 million to the U.S. Secretary of Agriculture.
The meeting – held in Scottsdale, AZ – was held in conjunction with Cotton Incorporated’s Board of Directors. The $89 million dollar budget recommendation was one of the highest funding levels ever approved for the Program’s research and promotion efforts. The Cotton Board’s strong level of reserves enabled the Program to continue operating at this high level, despite pressures on assessment revenue.
In his report to The Cotton Board during its Business Session, 2023/24 Cotton Board Chairman Mark Nichols, a cotton producer from Oklahoma, voiced optimism and determination.
“I know under the current market situation it is tough to be positive, but I am optimistic about the future of the Program,” he says. “Together, The Cotton Board and Cotton Incorporated are going to evaluate the overall strategies for demand creation and for producer economic sustainability. We have significant resources, both financially and professionally, to get back ahead of the curve and take cotton’s market share.”
Sharing more reasons to be optimistic about cotton’s future, Nichols adds, “We have great partnerships with Cotton Incorporated, USDA, the National Cotton Council, Cotton Council International, the U.S. Fashion Industry Association, and other industry organizations, and we have all realized that if we work in concert, we guarantee a successful future.”
The 2025 Cotton Incorporated plan and budget is focused on addressing several key industry issues to increase cotton’s market share and ensure long-term profitability for the industry. Key priorities outlined in Cotton Incorporated’s 2025 plan focus on four key areas – innovation, influence, producer profitability, and compliance.
William Kimbrell, Cotton Incorporated’s Chief Operating Officer, will appear on the Aug. 20 episode of Cotton & Coffee to give a detailed overview of the 2025 plan and budget. Register at cottonboard.org/cotton-coffee to join the Zoom session live or view the session later on The Cotton Board’s YouTube channel.
Akiko Inui (Photo: The Cotton Board)
Inui Heads New Officer Slate
During its Business Session, The Cotton Board also elected new officers to serve one-year terms, including Akiko Inui, an importer from New York, to serve as Chairman of the Board.
“I am honored to serve as Chair of The Cotton Board,” says Inui, who currently serves as Interim Sustainability Lead, Product Strategy for Ralph Lauren. “I believe in the work we are doing here, and while I know that there are significant challenges ahead of us, it is clear to me this Program is well prepared to lead the industry through them. I look forward to assisting the Program in its continued pursuit of profitability and demand for cotton.”
In addition to Inui, other elected Cotton Board officers are:
Vice Chairman – Matt Famer, producer from Lamesa, TX
Secretary – Rusty Darby, producer from Chester, SC
Treasurer – Laurie Rando, importer from Scotch Plains, NJ
Immediate Past Chairman – Mark Nichols, producer from Altus, OK.
Information from The Cotton Board
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