Toronto-based Trees Corporation (NEO: TREE) has appointed a new interim CEO in response to current CEO Michael Klein leaving the company.
On Monday, the cannabis retailer announced the appointment of Campbell Becher as the new interim CEO who is also part of the board of directors since June 16. He brings 20 years of investment banking and capital markets experience.
Belcher has been involved in the investment industry since 1993. He spent eight years in retail at RBC Dominion and BMO Nesbitt Burns before pursuing merchant banking for six years with Bearbeech Capital and Becher McMahon.
The appointment of Klein –the previous CEO– came after an amalgamation agreement involving the acquisition of Miraculo Inc. where Klein was CEO.
The company has 12 Trees-branded storefronts in Canada, including seven stores in Ontario and five stores in BC.
“Trees retail business has seen tremendous gains in recent months through growing consumer loyalty on account of the company’s emphasis on a differentiated retail experience and diverse product selection,” said Belcher.
He said in a statement that in the following months the company will be focused on achieving corporate profitability, “a milestone earned by only a few of our national brand competitors.”
“With a relentless focus on corporate cost control, we will continue to seek operating efficiencies to further accelerate our near-term profitability. I would like to thank the Board for their confidence shown in me through this appointment during this critical time in our corporate development.”
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“Mr. Becher’s wealth of experience will be a tremendous addition to our executive leadership team,” Trees president and CFO Jeff Holmgren said.
“I am excited to work closely with him in the months ahead as we transition into corporate profitability and continued growth.”
The company said it has already started looking for its next permanent CEO.