It may have taken several years of declining valuation and a couple questionable transactions, but it appears that Sebastian St-Louis is finally on the way out at Hexo Corp (TSX: HEXO). It was announced today that the co-founder of the company was given the boot at the company as part of a strategic reorganization.
It appears there was some level of eagerness to see his departure as well, with the company this morning indicating that it has established a “Special Committee for Succession” to identify a new CEO, rather than having a replacement at the ready.
An interim CEO was not named. The company did state however that it is in advanced discussions with a potential candidate, and a further announcement is expected in “the coming days.”
In his brief commentary on his departure, St-Louis stated that Hexo was the “highlight of [his] career.”
The company also indicated that its Chief Operating Officer, Donald Courtney, has resigned from the company after three years. He however will be remaining in the role until a replacement is found.
Hexo Corp last traded at $2.15 on the TSX.
Information for this briefing was found via Sedar and Hexo 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.