Two senior executives are leaving Canopy Growth Corp. (TSX:WEED)
The cannabis manufacturer said that Andre Fernandez, its Chief Operating Officer, and Dave Bigioni, the Chief Commercial Officer, have mutually agreed to exit the company. The departures are part of a management shakeup being led by the cannabis producer’s new Chief Executive Officer who is looking to put his own mark on the Smiths Falls, Ontario-based company.
Fernandez, who previously worked at Fiat Chrysler as an analyst, was in charge of Canopy Growth's supply chain operations. Bigioni, meanwhile, served as a Vice President at Molson Coors Beverage Co. until 2017 when he joined Canopy to lead the company's sales and marketing operations.
Canopy's marketing department was hard-hit last month when 200 people were let go from the company amid an ongoing strategic review aimed at cutting costs.
The two departures are the latest moves conducted under the watch of David Klein, the former Constellation Brands Inc. financial chief who took the helm at Canopy Growth in January.
Since being appointed CEO, Klein has conducted a company-wide strategic review which has so far resulted in the layoffs of roughly 800 workers, the closure of two giant greenhouses in British Columbia, and the suspension of international ventures in Colombia, Africa and New York state.
Canopy Growth has said it expects to take a charge of up to $800 million when it releases its next quarterly financial results on May 29.
Separately, Brendan Kennedy, Chief Executive Officer of rival cannabis company Tilray Inc., warned that the COVID-19 pandemic is likely to force at least a dozen cannabis companies to file for bankruptcy by the end of 2020 as available liquidity dries up.
