Medipharm Labs Sees CEO Pat McCutcheon Step Down From Role, Remain As Chairman

Medipharm Labs (TSX: LABS) this morning announced drastic changes to its leadership role, with the major change being that CEO Pat McCutcheon will be stepping down from his role as CEO, with no permanent replacement named. The result will be that the company will have both an interim CFO and an interim CEO helming the company.

The leadership changes announced this morning are reportedly to “prepare the company for its next phase of growth,” while also focusing on that of efficiency and cost savings. Taking McCutcheon’s role on an interim basis will be that of Keith Stratchan. McCutcheon meanwhile will be remaining with the company in the role of Chairman of the board.

Also outlined this morning is that Warren Everitt will remain as CEO of the Asia Pacific region for the company, while Olga Utkutug has been named as the interim CFO of the company, effective December 8, 2020. The company has yet to find a permanent replacement since Bobby Kwon resigned from the company, effective at the end of November.

The company is said to immediately begin the process of finding a permanent CEO replacement, while that process is already underway for the role of CFO.

Medipharm Labs last traded at $0.55 on the TSX.

.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.

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