Canadian cannabis company Canopy Growth Corporation (CGC, WEED.TO) unexpectedly announced Wednesday that Bruce Linton would be stepping down as co-chief executive officer and board member of the firm.
Mark Zekulin, currently president and co-chief executive officer, will remain on as CEO of Canopy, the world’s largest publicly traded cannabis company by market capitalization. Zekulin will work with the board of directors to identify a new leader for the company in a search that will include both internal and external candidates, Canopy said in the statement.
Rade Kovacevic, current head of Canadian operations and recreational strategy, will fill the role as president. Each of the executive changes are effective immediately.
"The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy's success,” Linton said in a statement. “While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade's leadership to the full suite of leadership – as we progress through this transition and into the future."
Shares of Canopy fell 7% to $37.24 each as of 7:49 a.m. ET on the New York Stock Exchange.
Linton, a co-founder of Canopy, had been a leader at the company since its inception in 2013, when it was first known as Tweed Marijuana. Canopy became the first publicly traded cannabis company in North America in April 2014.
In 2018, Canopy received a $4 billion investment from Corona-owner Constellation Brands (STZ), giving the beverage-maker an about 40% stake in the company. Constellation Brands’ CEO Bill Newlands and CFO David Klein serve as members of Canopy’s board of directors.
“We fully support the decision made by Canopy Growth’s Board of Directors to appoint Mark Zekulin as the company’s sole CEO,” a spokesperson from Constellation Brands said in a statement to Yahoo Finance. “The future of Canopy Growth remains very bright and we look forward to the company’s continued success for many years to come.”
For the fiscal year ending in March, Canopy posted net revenue of $226.3 million, while its adjusted EBITDA amounted to an annual loss of $257.0 million.
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https://finance.yahoo.com/news/canopy-growth-corporation-co-ceo-bruce-linton-steps-down-112230140.html
2019-07-03 11:22:00Z
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