It appears that Abner Kurtin’s actions earlier this month sealed his fate as the Chief Executive Officer of Ascend Wellness (CSE: AAWH.U). Kurtin will be moving to the role of Executive Chairman of the Board, while the company will be helmed by two Co-CEO’s.
Company President, as well as a co-founder, Frank Perullo, along with CFO Daniel Neville will take on the role of Co-CEO on an interim basis, while the company begins the search for a permanent replacement for the position. The duo are expected to provide the day-to-day leadership and oversight of the company, perhaps demonstrating that no one wanted to take the role head-on amid the recent high profile issues being faced by Kurtin.
“AWH has an incredibly strong foundation in place and remains well positioned to advance the goal of breaking down traditional walls in the cannabis marketplace and redefining the industry from the ground up. As the Company prepares to enter the next phase of its growth story, the Board determined that now was the right time to initiate this transition,” commented the firms Board on the decision.
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Russell Reynolds has been hired by the firm to assist in the search for a permanent replacement for the firms CEO.
The decision to vacate Kurtin from the role of CEO follows his arrest earlier this month, wherein he was charged with battery in Miami-Dade County. His arraignment hearing is currently set for September 30.
Ascend Wellness last traded at $1.72 on the CSE.
Information for this briefing was found via Sedar, Miami-Dade Clerk and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
