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Canopy to hire new CEO by end of year: chairman

TORONTO - Canopy Growth Corp. expects to complete its search for a new chief executive officer by the end of the calendar year, its chairman said during its first annual meeting without co-founder Bruce Linton at the helm.
 
The "robust" search is "well underway," and the cannabis company is interviewing a number of "well-seasoned executives," chairman John Bell told shareholders in Toronto.
 
"We anticipate, and I am confident that, the CEO transition will be completed by the end of the current calendar year," he said.
 
However, Bell also commended Linton on his hefty contributions to the Smiths Falls, Ont.-based cannabis producer.
 
"We are here today in large part because of the perseverance, determination and vision of Bruce Linton... When the book is written, and the movie is made, Bruce will definitely have a leading role."
 
Bell's comments come months after Linton was terminated from his role as co-CEO and chairman in July after its biggest shareholder Constellation Brands said it was disappointed in the company's latest earnings.
 
Meanwhile, Linton on Tuesday announced his next moves, which include advisory roles at three companies including U.S.-based dispensary company Gage Cannabis Co. and Toronto-based Mind Medicine Inc., which is focused on psychedelic-based medicines.
 
Canopy's current chief executive Mark Zekulin, previously co-CEO alongside Linton, has said he would stay on until a suitable replacement was found.
 
Zekulin told shareholders at the meeting that it was his choice to leave, and a "natural progression" for new leadership to drive things forward.
 
The list of candidates includes executives who come a variety of industries, including pharmaceuticals, consumer-packaged goods, beverage and alcohol, he said. The list of potential hires also includes candidates from Canada, the U.S. and Latin America, Zekulin told reporters.
 
"Generally speaking, there's a list of people who would be amazing at this job and what it it will come down to is... the fit, the ability to walk into the room and know the culture."
 
Some shareholders in attendance voiced concerns about the company's abrupt change in leadership as well as its share price, which has fallen from as high as $65 in early April to $36.91 at close on Monday at the Toronto Stock Exchange.
Source : FCC