Canopy Growth Says Goodbye To Its Chief Financial Officer And Chief Product Officer

Canadian cannabis giant Canopy Growth WEED CGC announced Friday that it is undertaking some strategic changes to its executive management committee - effective immediately. Mike Lee, executive vice president and chief financial officer, and Rade Kovacevic, president and chief product officer will both be stepping down from their respective roles and will leave the company on December 31, 2021.

In the interim, both Lee and Kovacevic will serve in an advisory capacity to support the transition.

"These decisions reflect Management and the Board's vision for building a best-in-class organization that is well-positioned to deliver long-term growth and shareholder value," David Klein, CEO of Canopy Growth stated. "We appreciate Mike and Rade's contributions to advancing Canopy Growth to our position as a cannabis industry leader."

The company has initiated an external search for both roles. In order to ensure a seamless transition, it has named Judy Hong as interim CFO and Tara Rozalowsky as interim CPO. In addition to serving as members of the company's executive management committee, both will report directly to CEO David Klein effective immediately.

"Judy and Tara are established leaders who have played pivotal roles during their tenure at Canopy Growth. I am confident in their ability to execute against our strategic priorities as we accelerate our path to profitability," added Klein.  

About Judy Hong – Interim Chief Financial Officer:

Since joining Canopy Growth in 2019 as the vice president of Investor Relations & Competitive Intelligence, Hong has strengthened Canopy's capital market presence by leveraging her extensive experience from Goldman Sachs & Co., where she spent more than 20 years focused on the consumer-packaged goods sector and held the role of managing director of the Global Investment Research Division.

About Tara Rozalowsky – Interim Chief Product Officer:

A seasoned marketing and sales executive, Rozalowsky held leadership positions with iconic global CPG companies including S.C. Johnson and most recently, ConAgra. At Canopy, she held the role of VP of Beverage and Edibles and has successfully launched a portfolio of award-winning products and brands, including Martha Stewart CBD and Quatreau, Canopy Growth's first CBD-infused beverage line.

Price Action

Canopy Growth’s shares traded 0.34% lower at $12.31 per share at the time of writing Friday morning.

Photo: Courtesy of Ryan Lange on Unsplash