More seats are shifting at the executive tables of big weed, as Tilray announces two new additions to its board.
On Tuesday, Tilray, Inc. (NASDAQ: TLRY) said Jon Levin and Mark Castaneda would be joining its leadership team.
Investors seemed warm to the corporate shuffle, as its shares rose over 12 per cent following the news.
The change comes in the midst of other high-profile hires at major cannabis companies. David Klein spent his first day as CEO of Canopy Growth Corporation (TSX: WEED and NYSE: CGC) today. The former Constellation Brands, Inc. (NYSE: STZ) CFO is replacing Mark Zekulin.
— Canopy Growth (@CanopyGrowth) January 14, 2020
In a press release, the Tilray said Levin would be taking over as chief operating officer. He joins the company’s management from his most recent role as the general manager of U.S. mass markets for Revlon.
There, Levin was responsible for consumer products sold through major retailers. Tilray said he’s bringing 25 years of experience from diverse industries including health, beauty and sporting goods.
Kruteck is stepping in as chief financial officer, leaving his most recent role as CFO of Pharmaca. He spent nine years there as the head of finance for a chain of 29 pharmacies in six states.
Previously, Kruteck had a brief stint as VP of finance for Crocs, but spent almost a decade in multiple executive roles at Molson Coors before that. His titles included VP of international finance, VP of revenue management and VP of supply chain finance.
Current CFO Mark Castaneda will take on a strategic business development role, Tilray said, and help Kruteck transition. The change will take effect immediately after the company files its annual report for 2019.
CEO Brendan Kennedy said Tilray is thrilled to have the experienced leaders join his team in disrupting the pharmaceutical, alcohol, consumer packaged goods, food and beverage industries.
“Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world,” he said. “As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company.”
Top image is a boardroom in Philadelphia’s historic PSFS Building. It was the first international style skyscraper built in the U.S. in 1932.