HEXO Posts the Departure of its CEO and Co-Founder Sebastien St-Louis
HEXO Corp. (TSX: HEXO; NYSE: HEXO), the Canada-based consumer packaged-goods cannabis company, announced the exit of the company’s Co-Founder and Chief Executive Officer, Sebastien St-Louis, with immediate effect. The leaving is the result of a strategic reorganization that the company is undertaking.
HEXO Corp. is a licensed cannabis company that serves the global cannabis market by producing and distributing a range of award-winning products. Its brands that serve the Canadian recreational market are HEXO, Redecan, UP Cannabis, Namaste Original Stash, 48North, Trail Mix, Bake Sale, REUP and Latitude.
It also produces medical cannabis for the markets of Canada, Israel, and Malta. Together with Molson Coors Beverage Company, HEXO produces Truss CBD USA, and it serves the Colorado market by its Powered by HEXO® strategy.
After the company’s acquisitions of Redecan and 48North, its market share significantly increased, making it one of Canada’s leading companies in the recreational market of cannabis. HEXO trades on the TSX under the stock symbol HEXO and on the NASDAQ also under the stock symbol HEXO.
Strategic Executive Changes
Dr. Michael Munzar, Chairman of the Board and Medical Director at HEXO Corp. said that he would like to thank Sebastien on behalf of the entire company for the tremendous impact he had made on the Canadian Cannabis industry.
He explained how Sebastien had turned HEXO into a market leader in Canada through his years of hard work. Dr. Munzar added that the Board had established a Special Committee for Succession for selecting a new CEO with the requisite experience to preserve HEXO’s position as a market leader in Canada and to safeguard the company’s position as one of the top-three global cannabis companies.
The new leader that will be elected by the company is bound to be in a good position to incorporate HEXO’s highly beneficial acquisitions, and to capitalize on the company’s various brands, its lean production capabilities, and its highly satisfactory range of products, so that he can lead the company into its next stage of strategic development.
The outgoing CEO Sebastien St-Louis said that the highlight of his career had been the job of building HEXO from the ground up to make it the number one company in Canada. He emphasized the fact that HEXO obviously had a bright future and said that he was quite proud of the team the company had established, the brands that were introduced, and the persistent loyalty of the company’s customers.
He added that as a major shareholder, he was looking forward to the company’s next exciting stage of growth. The Special Committee of the Board for Succession is likely to make an announcement about the new CEO soon as they are already in advanced discussions with a suitable candidate for the position of CEO.
HEXO Corp. also announced the resignation of the company’s Chief Operating Officer, Donald Courtney. It thanked him for the contributions he made during the previous three years as the company had, under his leadership, gained significant operational excellence by increasing scale and automation. Courtney will continue to remain as COO until the company finds a suitable replacement.