Canopy Growth announces David Klein as new Chief Executive Officer
Mark Zekulin to step down within current year as planned
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced that effective January 14, 2020, David Klein will assume his new role as the company’s Chief Executive Officer.
Klein brings a over 14 years of leadership experience while at Constellation Brands.
Canopy calls Klein “an experienced strategist with a deep understanding of how to build enduring consumer brands.” Klein will be asked to scale operations and production while developing diverse, high performing teams.
Klein leaves his current role as executive vice president and chief financial officer at Constellation Brands where he oversaw all aspects of the company’s finance operations including mergers and acquisitions.
“Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime,” said Klein. “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. I look forward to working with the team to build on the foundation that has been laid, to develop brands that strongly resonate with consumers, and to capture the market opportunity before us. Together we will drive sustainable, industry-leading growth that benefits employees, shareholders and the communities in which we operate.”
Klein’s appointment follows a thorough recruitment process during which the Hiring Committee of the Board asked Heidrick & Struggles, to find and vett candidates.
Canopy Growth Corporation has stated it intends to appoint a new Chairperson upon David’s effective date as CEO.
Consistent with the previously announced transition plan, with a new CEO identified Mark Zekulin will be stepping down from his role as CEO and resigning his seat on the Board of Directors of Canopy effective December 20, 2019. As a founding employee of Canopy Growth (then Tweed Marijuana Inc.), Mark was instrumental in building Canopy into what it is today first in the role of President, then President and Co-CEO, and finally as CEO.
“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. “Canopy today is positioned to win with the resources, infrastructure, team, and award-winning culture needed to succeed. 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.”
