Constellation executive David Klein named new CEO of Canopy Growth

09 Décembre, 2019, 19:48 | Auteur: Auguste Feret
  • Canopy Growth's Cannabis 2.0 Products Will Hit Shelves In Canada Month

Constellation Brands Inc finance head David Klein will take over in January as chief executive officer of pot producer Canopy Growth Corp, hardening up the Corona beer maker's control of a company into which it has sunk $4 billion.

Klein previously held a number of senior leadership roles at Constellation Brands, and is now executive vice president and chief financial officer at the Corona beer-maker.

Klein will take over from interim CEO and co-founder Mark Zekulin, who will be stepping down from his position effective December 20, according to a statement put out by the company early Monday morning.

"Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime", Klein said in a release Monday. "Thanks to the efforts of Mark and the entire team at Canopy Growth, no company is better positioned to win in the emerging cannabis market".

Linton had said that he was sacked from the top job, days after Constellation expressed its disappointment over Canopy's 2018 results.

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Zekulin is expected to step down as CEO and resign his seat on the board of directors of Canopy effective December 20.

"It has been an incredible six years at Canopy Growth, and I have witnessed the team and Company grow from five people in an abandoned chocolate factory, to thousands of people across five continents", said Zekulin in the statement. "It has truly been an honour to be part of building a unique, Canadian success story like Canopy, and I look forward to seeing the Company continue to evolve and grow under David's leadership".

Canopy shares gained $3.33 or 13.5 per cent at $28.05 in late morning trading on the Toronto Stock Exchange.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada.

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