Canopy Growth Corporation (TSX: WEED), (NASDAQ: CGC) has named current Board member and CPG-veteran, Luc Mongeau, as the next Chief Executive Officer of Canopy Growth effective January 6, 2025. David Klein the company’s current CEO announced his plan to retire in August after taking on the role in 2020.
Green Market Report previously wrote that Klein took over after Canopy Growth’s co-founder Bruce Linton was ousted over disappointing results. Linton oversaw that massive acquisition plan with Constellation Brands (NYSE: STZ) which spent $4 billion to buy a 38% stake in the cannabis company. He was also the instigator of the Acreage Holdings acquisition in 2019 with an original valuation of $3.4 billion. However, that deal was amended to reflect a lower price and this week the company zeroed out the value of the Acreage shares.
Mark Zukelin became the next CEO until Constellation replaced him with one of its executives, who was the company’s rising star, David Klein. However, Klein also struggled to reduce the company’s debt and losses. Canopy reported in its most recent earnings that total revenue fell to C$73.9 million (~$53 million) from last year’s C$82 million for the same period. Canopy Growth also reported a net loss of C$128 million, while still a massive number, it was lower than last year’s net loss of C$324 million.
“It’s been an honor over the past four years to lead Canopy Growth, which we’ve collectively shaped into a focused and financially disciplined organization primed for lasting success,” said David Klein, current CEO of Canopy Growth. “As the Company enters this new phase, I am committed to working closely with Luc to support an efficient transition and I’m confident in his ability to lead Canopy Growth forward to new successes.”
Canopy Growth Announces Mr. Luc Mongeau As The Company’s Next CEO (CNW Group/Canopy Growth Corporation)
Mongeau has some turnaround experience. He recently served as the CEO of ESolutions Furniture, formerly Bestar-Bush, where he led the transformation of the business to deepen its share of the highly competitive digital commerce furniture industry. The company said in a statement that before this, while as President of Weston Foods, he spearheaded the strategic realignment and end-to-end operational leadership of the $2 billion North American bakery, overseeing a team of over 6,000 employees across 40 facilities. He directed the development of commercial strategies across branded and private label categories for major North American retailers and managed the sale of Weston Foods.
“With some of the best-known brands in the industry, a strong global medical cannabis business, category leading vaporizers from Storz & Bickel, and unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well positioned for growth,” said Mr. Luc Mongeau, member of the Board, and incoming CEO, Canopy Growth. “I am honored to lead Canopy Growth into this exciting next chapter, and I am confident that our vision, dedication to our consumers, and the commitment of our team members will continue to position us for long-term success and value creation.”
[[{“value”:”Mongeau is a current board member and CPG veteran.
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