Fire & Flower Sees CEO Replaced By Couche-Tard Executive
Alimentation Couche-Tard (TSX: ATD.B) appears to have had enough of the continuous losses being posted by Fire & Flower Holdings (TSX: FAF). Similar to a move conducted some years ago by Constellation Brands when they replaced the head of Canopy Growth, Couche-Tard too has now placed its own executive within the CEO role.
It was announced after the close of markets last night that Stephane Trudel, whom is presently Senior Vice President of Operations, will be assuming the role of CEO of Fire & Flower as of June 1. Trudel had been involved with the firm since June 2020, when he was appointed as a director as part of the investment made by Couche-Tard into the cannabis retailer.
In connection with his appointment to the head role, Trudel will be resigning from his roles on the audit, corporate governance, and compensation committees on the firms board of directors, and will in due time also resign from his current roles with Couche-Tard.
Trevor Fencott, the now-former CEO of the company, will be departing the company as a result of Trudel’s appointment. he will also be resigning from the firms board of directors.
“Now that the foundations have been built and tested, it is time for the company to really scale its model and operations. Having worked closely with Stéphane over the past three years, I believe he is absolutely the right person to lead the company into this next exciting phase of its growth,” said Fencott of his departure.
Fencott is departing the company a little over a month after the firm posted its fiscal 2022 financial results. The firm posted topline revenue of $175.5 million, with a gross profit of $62.1 million. The firm has yet to get its expenses under control however, with SG&A amounting to $63.2 million, and total expenses coming in at $123.2 million. The firm posted a loss for the fiscal year of $63.6 million.
Fire & Flower Holdings last traded at $3.49 on the TSX.
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