RE:Canopy Growth CEO HornetDriver18 wrote: As I stated before, I believe Canopy has selected it's new CEO ( been selected for several weeks now IMO ) and was just waiting for the market to stabilize and getting him/her up to speed in order to hit the ground at full speed.
I also think this new CEO will be a seasoned and well respected individual that will drive the entire sector upwards.
Now that almost 6 months and 2 x Qs are behind us , everything that needed to be done for a clean sheet is completed.
IMO...... I would be not surprised to hear news very soon.
Just my thoughts.....GL to everyone
HD18
Thanks HD, Canopy would have short listed down to 2-3 candidates, as you usually don't bet it all on one person. This is because the Board will make an offer to their first choice and then the negotiations begin back and forth. Once finalized and offer accepted, its usually conditional upon the potential CEO going back to their current company to resign. What then happens, is their current employer may make a counter offer for the CEO to stay. Sometimes CEO's use this as a ploy to get a better offer because they really want to stay, but with better pay and benefits.
If their first choice doesn't work out, they go to the Board's second choice and start all over again. Regardless if it was their first or second or third choice, the potential CEO would want to wait for the Q2 financials to come out to see what they were in for, which is pretty bad at this point. The bad financials could also play into the final CEO negotiations as the conditions the CEO was offered the job on have changed for the worse. Also, the seasoned CEO candidates would know that STZ controls the Board and that all major decisions are made by the Board as the CEO is the only employee that reports to the Board.
Bruce was Chairman of the Board and CEO which is a bad governance practice as you can't be the only employee reporting to a Board that you are Chair of. The governance issue of pot companies has been one of the big issues that shareholders (like myself) and institutional investors have had.
The new CEO will probably not have a seat on the Board. I am vey anxious to see who and the background of the new CEO. GLTA