Canopy Growth Corporation (NYSE: CGC) announced the appointment of its Executive Vice President of Finance, Mike Lee, to its executive leadership team as acting Chief Financial Officer, effective June 1.
The move will become permanent if Lee is approved by Health Canada after it performs its security clearance checks required for all officers and directors.
Why It Matters
Lee previously worked for several major goods and beverages companies, including Constellation Brands Inc. (NYSE: STZ). At Constellation, he earned a reputation for transforming the company's business agenda, focusing on digital enablement and operating model design.
In a press release, the company touted Lee's experience across mature, industry-leading CPG companies.
"When I welcomed Tim four years ago, Canopy Growth had a market cap of $93 million, two partially licensed production sites in Ontario and a single acquisition under our belt. After more than 26 acquisitions, 8 financings worth over $6.2 billion, the sector's first TSX and NYSE listings, and reaching a market cap of $21 billion, Tim exemplifies what it means to be a leader at Canopy Growth," said Bruce Linton, Chairman and Co-CEO of Canopy Growth.
The company also announced Tim Saunders will continue to serve the executive team and board of directors of Canopy as a strategic advisor. Saunders is credited for contributions to Canopy's direction, finance leadership, and culture. He will focus on M&A activity, corporate financing, and business transformation in his new role.
Canopy's stock traded higher by 3.6 percent at $44.81 per share.
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