Cronos GRoup (TSX: CRON) (NASDAQ: CRON) this morning announced that Mike Gorenstein will be stepping aside as both President and CEO of the firm, while remaining with the company in the role of executive chairman. Taking his place will be that of Kurt Schmidt, whom comes with experience from executive roles at Blue Buffalo Company, Nestle S.A., Gerber and Kraft Foods.
Schmidt’s experience within the consumer goods sector is quite extensive, with him most recently served as CEO of Blue Buffalo Company. Prior to this, he served as deputy executive vice president at Nestle S.A., following its acquisition of Gerber in 2007, where Schmidt was president and CEO. Schmidt also serves on the board of directors for the Campbell Soup Company.
Commenting on his appointment, Schmidt identified that he will be focused on “building outstanding brands,” along with standard commentary related to being results driven. The company expects to lean on his extensive CPG background to push the company forward.
We’ve built a premier global cannabinoid Company with a portfolio of innovative technology, differentiated consumer brands, an excellent team, a fortress balance sheet and a strong strategic partner. Over the past year, I’ve led a search for an experienced consumer focused executive who shares the Company’s values and can help take us to the next level.
Mike Gorenstein, Executive Chairman of Cronos Group
Cronos Group last traded at $5.24 on the Nasdaq.
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Information for this briefing was found via Sedar and Cronos Group. The author has no securities or affiliations related to these organizations. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
