HEXO announces leadership transition, including new CEO and CFO
HEXO makes these changes in an effort to become cash flow positive.
Risk & Compliance
Alcohol & Cannabis
GATINEAU — On Apr. 29, HEXO Corp announced that Charlie Bowman had been appointed the Company’s acting President and Chief Executive Officer, effective immediately. Mr. Bowman will move into a permanent role upon the successful completion of Health Canada’s security clearance process for key personnel, which has been initiated. Concurrently, Scott Cooper is stepping down from his role as HEXO’s President and Chief Executive Officer.
“I am honoured to lead HEXO into the future,” said Charlie Bowman, HEXO’s incoming CEO. “We are entering the next phase of HEXO’s strategic growth plan by remaining laser-focused on becoming cash-flow positive, expanding our leading brands market share across Canada’s recreational market, whilst growing our international business and launching new products for Medical.”
Mr. Bowman, who previously served as HEXO’s Acting Chief Operating Officer and General Manager of HEXO USA, brings experience in the market. After resetting operations as Acting COO, he is positioned to guide HEXO towards becoming cash flow positive.
“I am pleased to welcome Charlie to his new role at HEXO. I have no doubt that his leadership and commitment to executing HEXO’s strategic plan will lead the organization into its next phase of growth,” said Executive Chairman, Mark Attanasio, “On behalf of the entire organization, I would like to thank Scott Cooper for his leadership through a very challenging period.
The Company also announced the departure of Acting Chief Financial Officer Curtis Solsvig and the appointment of Julius Ivancsits as Acting Chief Financial Officer, effective May 16, 2022. Mr. Ivancsits will move into a permanent role upon the successful completion of Health Canada’s security clearance process for key personnel, which has been initiated.
Mr. Ivancsits brings experience as well and will oversee the Company’s Finance and Accounting organization. He will reportedly play a key role in executing HEXO’s strategy to drive profitable growth and enhance shareholder value. Mr. Ivancsits has experience in manufacturing with both Private Equity and Family Office sponsors and is well versed in corporate turnarounds. Prior to joining HEXO, he served as CFO at Goba Capital, Alpha Measurement Solutions, and Be Green Packaging along with long multiple roles at CPKelco with progressively increasing experience.
Mr. Solsvig will remain with the Company in an advisory role through to May 31, 2022, in order to facilitate a smooth transition.