Investor Ideas Potcasts, Cannabis News and Stocks on the Move; Special CEO snapshot (NYSE: ACB) (TSX: ACB), (CSE: MMEN) (NASDAQ: SNDL) (TSX: WEED) (NYSE: CGC) (NYSE: APHA) (TSX: APHA)
Delta, Kelowna, BC - February 10, 2020 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today's podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts, Cannabis News and Stocks; Special CEO snapshot (NYSE: ACB) (TSX: ACB), (CSE: MMEN) (NASDAQ: SNDL) (TSX: WEED) (NYSE: CGC) (NYSE: APHA) (TSX: APHA)
Today's podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today's podcast Investorideas releases a special CEO snapshot of the cannabis industry.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabis worldwide, announced a CEO succession and Board expansion; the latter of which is detailed in a separate announcement released this afternoon. The Company also announced a business transformation plan that better aligns selling, general & administrative expenses, and capital expenditures with current market conditions.
These combined changes are consistent with, and evidence of Aurora's commitment to, achieving positive EBITDA and cash flow as rapidly as possible, while still maintaining the ability to capitalize on longer-term Canadian and global cannabis market opportunities.
Aurora CEO Terry Booth stated, "Over the last seven years, Aurora has built an incredible platform and a leading position in the global Cannabis industry. I am proud and humbled to have led that journey with a deeply talented and passionate team of employees. While there is still much work to be done, the timing is right to announce my retirement with a thoughtful succession plan in place and the immediate expansion of the Board of Directors. These changes, along with the financial transformation which we are undertaking, should clearly demonstrate to investors that Aurora has the continuity, strategic direction and leadership it needs to transition from its entrepreneurial roots to an established organization well positioned to capitalize on a global growth opportunity. In that spirit, and with my full support, the Board of Directors has appointed Michael Singer as Interim CEO effective immediately." Booth continued, "As part of the succession plan, I will become a Senior Strategic Advisor to the Board and remain a Director. Additionally, we're welcoming new independent members; Lance Friedmann and Michael Detlefsen who bring a wealth of strategic and hands-on consumer products industry experience to the organization."
Michael Singer, Aurora's Executive Chairman and Interim CEO stated, "I look forward to serving as Interim CEO and executing on our short-term plans, which include a rationalization of our cost structure, reduced capital spending, and a more conservative and targeted approach to capital deployment. These are necessary steps that reflect a fundamental change in how we will operate the business going forward." Singer continued, "On behalf of the Board of Directors, I want to thank Terry for his leadership over the years. He's made an indelible mark on the industry and left an enviable legacy in the form of Aurora Cannabis and the potential that exists for the Company over the coming decades. As one of the original cannabis visionaries, Terry is an invaluable resource with deep industry knowledge that we can leverage strategically. I look forward to having him continue on as a Senior Strategic Advisor to our Board of Directors."
MedMen Enterprises Inc. (CSE:MMEN) (OTC:MMNFF) recently announced that Chief Executive and co-Founder Adam Bierman stepped down from his role on Feb. 1. The company said it will consider internal and external candidates in seeking a CEO replacement. Bierman will remain on the board, including as part of the board to be elected at the company's coming shareholder meeting. But he has agreed to surrender all of his class A super voting shares back to the company. Co-Founder Andrew Modlin granted a proxy for all of his super voting shares to the company's Executive Chairman Ben Rose until December 2020, after which he will give them back to the company. That will leave the Los Angeles-based company with just one class of shares, the class B subordinate voting shares which give the holder one vote.
- Torsten Kuenzlen has resigned as the Company's Chief Executive Officer ("CEO") and will step down as a director, effective immediately, to pursue other interests;
- Zach George, currently a member of Sundial's Board, has been appointed as CEO and will continue as a director;
- Ted Hellard has stepped down from his role as Executive Chairman, but will continue to serve on the Board, and as Chair of the Mergers and Acquisitions Committee;
- Brian Harriman, Sundial's Chief Operating Officer ("COO"), will be leaving Sundial and his portfolio will be transitioned to Andrew Stordeur; and,
- Andrew Stordeur, currently President of Sundial's Canadian operations, will be appointed as President and COO in recognition of his expanded role.
Sundial is committed to continuing to implement strong corporate governance practices throughout the organization. In addition, the Board will continue to evaluate future opportunities to further strengthen the Company and position it for long-term growth and value creation. Sundial's management team is committed to the long-term success of the Company and has the extensive operational, marketing and business experience needed to maintain its position as a leader in the industry.
Greg Mills, Chairman of the Board, said, "We are extremely fortunate to have Mr. George join us as CEO. His successful track record for effecting corporate change through increased efficiency and operational improvements, along with his capital markets experience, will help drive the next chapter for Sundial. We are also pleased to announce the promotion of Andrew Stordeur to President and COO. His leadership and strong background in the consumer-packaged goods sector are critical to Sundial and his promotion furthers our efforts to streamline the organization."
"The advice I've been giving to young people this summer is to get fired as soon as you can once working, because you become very popular once you're fired," he said.
Vic Nuefeld, the previous CEO of Aphria Inc. (NYSE: APHA) (TSX: APHA) also stepped away from his position earlier this year and was quoted in one news article saying "The last five years have been incredible. But to be brutally honest, this journey has taken a toll on my health, family and other priorities," Neufeld said.
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