Cronos Group Names Todd Abraham As New Chief Innovation Officer
Cronos Group (NASDAQ: CRON) on Tuesday announced the appointment of Dr. Todd Abraham as the company's Chief Innovation Officer.
Abraham "will be responsible for advancing Cronos Group’s research and development initiatives in cannabinoids with a focus on identifying new disruptive technologies and adopting best practices and innovations from adjacent consumer goods industries."
His 17-year tenure at Mondelēz International (NASDAQ: MDLZ) saw successful coordination of divisions such as R&D, IP strategy and technology development.
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Why It's Important
Abraham’s hiring, as a result of his past successes in consumer-packaged goods, is a strong indicator of Cronos prioritizing the consumer experience.
"The work Cronos Group has underway with Ginkgo Bioworks and Cronos Device Labs is just the beginning," he said in the press release. "I look forward to leveraging my consumer products experience, technical expertise, and scientific background to help drive Cronos Group’s cannabinoid technology and product development across categories."
Given Abraham’s experience in global strategy, this hiring may indicate ambitions from Cronos Group to expand their international footprint further. While already operating grows in Australia and Israel, Cronos Group’s international presence is significantly smaller than competitors such as Canopy Growth.
"I am confident his strategic business experience coupled with his skills in product development, nutritional science, R&D strategy, and organizational development will benefit our own growth as a global leader in cannabinoid innovation," said Cronos Group CEO Mike Gorenstein.
Cronos Group's stock traded higher by 1.2% at $15.29 per share.
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