Sundial Growers (NASDAQ: SNDL) is making key management changes, only months after its go public transaction. The move was announced this morning by the firm, who will see its President step away from the firm, as well as the President of Europe.
Geoff Thompson, currently President of Sundial Growers, will be leaving the firm and instead taking an advisory role with Sundial. In his place, the responsibilities of his roles will be divided up between that of the Chief Operating Officer of the firm as well as the Chief Financial Officer. Thompson is expected to join Sundial Board of Directors in 2020.
David Ball, who is currently in the role of President Europe will also be leaving the firm. Ball came to the firm with the acquisition of Bridge Farm UK, a greenhouse operation that lead to the go public transaction of Sundial. He had only been with the firm for a number of months as a result. Ball will be stepping into a six month advisory role following the completion of the integration of Bridge Farm to Sundial UK, which is expected to occur in January 2020.
While not disclosed by Sundial, it is known as per certain purchase agreements filed on Sedar that Ball was subject to a “Key Employee Agreement,” which would have outlined his terms of employment. It is not known what cost, if any, Sundial will be subject to as a result of the termination of his employment.
It is not known whether Geoff Thompson was subject to a key employee agreement, or what his severance package may look like. As a result of being listed for such a short time, Sundial has not yet filed such information with Sedar.
No reasons were given for the executive departures.
Sundial closed yesterdays session at $3.82 on the Nasdaq/
Information for this briefing was found via Sedar and Sundial Growers. 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.
