MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced Friday that CEO Adam Bierman is stepping down from the role effective Feb. 1.
Ryan Lissack, the cannabis company's chief operating officer and chief technology officer, has been named interim CEO.
Bierman To Surrender Class A Shares
Bierman is also agreeing to return his Class A super voting shares to MedMen, the company said.
The surrendering of the Super Voting Shares leaves the company with subordinate voting shares as its only remaining outstanding shares.
The CEO's resignation comes after a restructuring effort that included 190 layoffs.
In an interview published earlier this month, Bierman told Benzinga: "We're on chapter two, where execution means profitability."
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What’s Next For MedMen
“The board supports both Adam’s decision to step aside for a new CEO to lead the company, and his and Andrew’s decision to surrender their voting rights to give all shareholders a stronger voice. This evolution will provide Adam the space to contribute to the future of MedMen and extend his commitment to the industry that he has helped pioneer,” Executive Chairman Ben Rose said in a statement.
MedMen’s board of directors is in the process of creating a committee of directors to oversee the search for the company’s next CEO.
The committee expects to consider internal and external candidates in its search.
Bierman will continue to serve on the MedMen board, the company said.
The stock was rallying by 6.1% to 44 cents at the time of publication Friday.
MedMen Reports Q1 Results In Wake Of Restructuring Announcement
MedMen CEO On Recent Layoffs: 'We're On Chapter Two, Where Execution Means Profitability'
Photo courtesy of MedMen.
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