Pyxus Enters New 'Transformational' Phase

Pyxus International, Inc. PYX announced Monday its next transformational phase as part of its renewal plan that includes the merger of its market branded operations, the beginning of a Global Operations Efficiency Program, and senior leadership changes.

Its new operating model will consolidate its B2C and B2B e-liquid, industrial hemp, legal cannabis, and CBD businesses and brands under FIGR Brands, Inc., which is its Canadian subsidiary. The new operating model will be overseen by FIGR Brand’s president Harvey Carroll.

Under the Global Operations Efficiency Program, Pyxus considers an extensive review of the company’s global footprint and cost-structures, examining all the company’s business units. The main goal behind this program is for the company to attain better value for its shareholders.

Among senior leadership changes, Pyxus named the appointment of Martin R. Wade, III as non-executive Chairman of the Board, Daniel A. Castle’s transition to a role of consultant to the company, and the elimination of Executive Vice President, Global Specialty Products position with Bryan Mazur departing the company.

“The new consumer products branded business model is a natural milestone in our Company's transformation journey to deliver superior value for the benefit of our stakeholders,” Pieter Sikkel, President and CEO of Pyxus, said in a statement.

Pyxus traded 4.42% lower at $4.32 in Monday’s pre-market session.

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