HEXO Announces Leadership Transition; Company Appoints Charlie Bowman as Chief Executive Officer and Julius Ivancsits as Chief Financial Officer
Scott Cooper Steps Down; Board of Directors Acknowledge Cooper in Stabilizing the Company
Bowman and Ivancsits to Lead HEXO’s Continued Transformation and Growth
GATINEAU, Quebec, April 29, 2022 (GLOBE NEWSWIRE) — HEXO Corp (“HEXO” or the “Company”) (TSX: HEXO; NASDAQ: HEXO) today announced that Charlie Bowman has been appointed the Company’s acting President and Chief Executive Officer, effective today. 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.
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 a wealth of global leadership experience in spanning the past two decades. After resetting operations as Acting COO, he is well 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.
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 a wealth of finance leadership experience and will oversee the Company’s Finance and Accounting organization. He will play a key role in executing HEXO’s strategy to drive profitable growth and enhance shareholder value. Mr. Ivancsits has extensive international 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. HEXO would like to thank Mr. Solsvig for his leadership steering the Company through this defining time.
HEXO is an award-winning licensed producer of innovative products for the global cannabis market. HEXO serves the Canadian recreational market with a brand portfolio including HEXO, Redecan, UP Cannabis, Namaste Original Stash, 48North, Trail Mix, Bake Sale, REUP and Latitude brands, and the medical market in Canada, Israel and Malta. The Company also serves the Colorado market through its Powered by HEXO® strategy and Truss CBD USA, a joint venture with Molson-Coors. With the completion of HEXO’s recent acquisitions of Redecan and 48North, HEXO is a leading cannabis products company in Canada by recreational market share. For more information, please visit hexocorp.com.
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