Ascend Wellness Terminates CEO, CFO Over Performance Challenges
Ascend Wellness (CSE: AAWH-U) has terminated the employment of both its chief executive officer as well as its chief financial officer, with its executive chair citing recent performance challenges as the reasoning behind the move.
John Hartmann, the outgoing CEO of the company, served in the role for a little over a year, following his appointment to the position last May. His appointment at the time was said to be part of the transition from a founder-led company to a professional-led organization. Mark Cassebaum, the now-former CFO, meanwhile joined the company only ten months ago, having previously served as the senior VP of finance and operations for the now-defunct Bed Bath & Beyond.
Samuel Brill, a current director for Ascend, is now to take on the role of CEO. Brill is credited as being behind the recent $235 million refinancing package that closed in July. The company is also seemingly tossing out the idea of not being founder-led, with co-founder Francis Perullo to take on the role of president. Chief accounting officer Roman Nemchenko meanwhile has been appointed as CFO.
“The leadership changes come as part of a broader effort to realign our strategy and address recent performance challenges. We are confident that the changes will bring our focus back to the basics with an emphasis on the fundamentals and will position AWH for future success,” commented Abner Kurtin, executive chair of the board and a founder of Ascend.
Ascend Wellness last traded at $0.96 on the CSE.
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