David Klein will become Canopy Growth CEO on 14 January 2020.
Constellation Brands CFO David Klein will leave his role to become CEO of cannabis company Canopy Growth Corporation.
Current Canopy Growth CEO Mark Zekulin will step down from his role and resign his seat on the company’s board of directors as of 20 December.
“David is an experienced strategist with a deep understanding of how to build enduring consumer brands while leveraging operational scale across a dispersed production footprint,” Canopy Growth said in a statement. “He is a strong leader with a proven track record of developing diverse and high performing teams.” Klein will be appointed to his new role on 14 January.
The announcement comes after Constellation was hit by a $484.4 million loss on an investment it made in Canopy Growth in its most recent quarterly results.
Replacing Klein as Constellation CFO will be Garth Hankinson, who joined the company in 2001 and currently serves as senior vice president, corporate development.
In his new role, Hankinson will be responsible for overseeing all aspects of the company’s finance operations, including financial planning and analysis, treasury, investor relations, information technology, as well as corporate development activities.
“David Klein is a first-rate leader and developer of talent who has made significant contributions to our company’s success,” said Bill Newlands, Constellation Brands CEO.
“This is a great career opportunity for David and a great choice by Canopy Growth. As a major shareholder, we fully support this decision and look forward to seeing David and the Canopy team drive the company forward.
“At the same time, we’re excited to promote Garth Hankinson to serve as our new CFO. Garth has worked very closely with David as part of our finance leadership team for many years. He has a solid understanding of our company financials, strong strategic orientation and decision-making capabilities, and extensive industry knowledge that will benefit our company as we look to continue driving industry-leading growth and shareholder value.”
The news comes two weeks after Canada-based Canopy Growth unveiled a new portfolio of cannabis-infused products, including sparkling waters, mixers and chocolate.
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