Bruce Linton is stepping down as co-CEO and a director of Canopy Growth (TSX:WEED; NYSE: CGC) and Mark Zekulin, co-CEO, has agreed to become sole CEO.
Mr. Zekulin will work with the board to begin a search to identify a new leader from internal and external candidates to guide the company in its next phase of growth.
Rade Kovacevic, who currently leads all of Canopy’s Canadian operations and recreational strategy, will assume the role of president. The changes are effective immediately.
“The board decided today, and I agreed, my turn is over,” Mr. Linton said in a statement. “While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade’s leadership to the full suite of leadership – as we progress through this transition and into the future.”
Mr. Zekulin said he remains committed to a successful transition over the coming year as “we begin a process to identify new leadership that will drive our collective vision forward.”
Added Canopy board member David Klein, “We thank Bruce and Mark for establishing the foundation for a company that is very well positioned to lead in the emerging global cannabis market.”
The board also appointed John Bell as chairman, to be reviewed at the board’s annual meeting in September. Mr. Bell has served on the board as lead director for five years.
