Navigating in troubled waters for several months, the Quebec cannabis producer Hexo is reshuffling the cards by changing the composition of its board of directors, replacing four of its members, including the president, John Bell, in office for only 11 weeks.
In a statement released on Tuesday, Hexo did not give specific reasons to justify the departure of the president in place since December 14. The main cannabis supplier of the Société québécoise du cannabis simply wrote: “Hexo thanks John Bell for his contribution as Chairman of the Board; his integrity, business acumen and determination to act in the best interests of shareholders have been invaluable. »
When announcing his appointment a few weeks ago, the producer’s new CEO, Scott Cooper – in office since October – declared: “John’s solid financial background and his experience in the cannabis sector make him an ideal candidate as we move forward with our new plan to cement our place as Canada’s leading cannabis company. »
Yesterday, the company also thanked one of the co-founders, Adam Miron, politely noting “his vision, his passion and his contribution to Hexo since its inception, and the role he has played in defining the Canadian cannabis sector. “.
These announcements come as the company has accumulated deficits for years and multiplied changes in management and its directors in recent months.
One of the producer’s co-founders, Sébastien St-Louis, left the company while he was chief executive, in October 2021, as part of what has been described as a strategic reorganization. In December, the company changed, for the fifth time in two years, its financial director.
Hexo is also currently at risk of delisting from the Nasdaq because the value of its shares is too low. In order to avoid withdrawal from the New York stock exchange, the Gatineau company recently proposed to its shareholders a share consolidation, a strategic operation which has the effect of reducing the number of shares in circulation and, as a result , to increase its value.