Medipharm Labs (TSX: LABS) announced this morning that they have replaced their chief financial officer. Robert Kwon will now be helming the position, while former CFO Christopher Hobbs will remain on the Board of Directors.
The announcement from Medipharm comes as the firm is set to report financials for its third quarter before the opening bell next Tuesday. With the trend as of late being that CFO’s in the sector are departing before worsening financials conditions, such as that of Hexo Corp (TSX: HEXO) (NYSE: HEXO), this mornings news may be a cause for concern for Medipharm Labs investors.
However, unlike in several other instance, the saving grace for Medipharm Labs as well as their investors, is that the former CFO has not fully departed – a sign that there may be no cause for concern. This is further compounded by the experience of the new CFO, who comes to Medipharm after most recently serving as a Senior Vice President at George Weston, a role in which Kwon departed in 2017. Prior to serving at George Weston, Kwon was at unilever for 14 years, rising from the role of Controller to that of Vice President of Finance.
I believe the potential for growth and value creation is tremendous as the Company is uniquely positioned to capitalize on the opportunities ahead in this fast moving and dynamic sector. I look forward to working with MediPharm Labs’ leadership team and employees to help drive the Company forward as innovation leaders.
Bobby Kwon, CFO of Medipharm Labs
Medipharm granted Qwon 600,000 stock options s a signing bonus for joining the firm. The options are to vest in five installments, and expire November 1, 2024.
Medipharm Labs closed Friday’s session at $4.61.
Information for this briefing was found via Sedar and Medipharm Labs.. 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.
