Canopy Growth Corp (TSX: WEED) (NYSE: CGC) has finally identified who will be taking over as Chief Executive Officer at the firm following the departure of Bruce Linton this past summer. David Klein, the current chairman of the Board will be taking on the role as CEO effective January 14, 2020, following his resignation from all other current executive roles.
Klein currently serves as the executive vice president and chief financial officer for Constellation Brands, the alcohol firm that currently owns a significant stake in the cannabis giant. Klein has spent the past 14 years working for Constellation, during which he has gained significant experience in operating in regulated markets across North America.
Klein will be replaced as the chairman of the board following his appointment to the role of CEO of Canopy Growth. A replacement chair has not yet been named for the firm.
In line with previous announcements made by the firm, current CEO Mark Zekulin will be stepping down from the role of chief executive and resigning from his board position as of December 20, 2019. The move will mark the first time in Canopy’s history that a founding member will not be in the CEO role at the firm, and will be a signal to the entire cannabis industry that its quickly becoming time for experienced operators to begin to helm operations as the cannabis market matures.
Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime. Thanks to the efforts of Mark and the entire team at Canopy Growth, no company is better positioned to win in the emerging cannabis market. I look forward to working with the team to build on the foundation that has been laid, to develop brands that strongly resonate with consumers, and to capture the market opportunity before us. Together we will drive sustainable, industry-leading growth that benefits employees, shareholders and the communities in which we operate.
David Klein, the soon-t-be CEO of Canopy Growth
The appointment of Klein follows an extensive recruitment process conducted by a hiring committee established by the firms Board of Directors. Recruitment firm Heidrick & Struggles was used to assist in the task, with the firm searching globally for the ideal candidate.
Canopy Growth last traded at $24.72 on the TSX.
Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
