Diversified cannabis, hemp and cannabis device company Canopy Growth Corp. announced strategic changes to its executive management committee to take effect at the end of the year.
Executive Vice President and Chief Financial Officer Mike Lee along with President and Chief Product Officer Rade Kovacevic will be stepping down from their respective roles on the executive management committee and will depart from the company on Dec. 31. In the interim, they will serve in an advisory capacity to support transition.
“These decisions reflect management and the board’s vision for building a best-in-class organization that is well-positioned to deliver long-term growth and shareholder value,” said Canopy Growth CEO David Klein. “We appreciate Mike and Rade’s contributions to advancing Canopy Growth to our position as a cannabis industry leader.”
Interim Executives Named
The company has initiated an external search to fill both roles. To support a seamless transition, Canopy Growth has named Judy Hong as interim chief financial officer and Tara Rozalowsky as interim chief product officer. In addition to serving as members of the company’s executive management committee, both will report directly to CEO David Klein.
“Judy and Tara are established leaders who have played pivotal roles during their tenure at Canopy Growth. I am confident in their ability to execute against our strategic priorities as we accelerate our path to profitability,” added Klein.
Since joining Canopy Growth in 2019 as the vice president, investor relations and competitive intelligence, Hong has strengthened Canopy’s capital market presence by leveraging her extensive experience from Goldman Sachs & Co., where she spent more than 20 years focused on the consumer-packaged goods sector, and notably held the role of managing director of the global investment research division. In addition to leading Canopy’s investor relations team, Hong also serves as chief of staff to the CEO and is a member of the executive management committee.
Rozalowsky is a seasoned marketing and sales executive, having held leadership positions with iconic global CPG companies including S.C. Johnson and, most recently, ConAgra. At Canopy, she has held the role of vice president, beverage and edibles, and has successfully launched a portfolio of award-winning products and brands, including Martha Stewart CBD and Quatreau, Canopy Growth’s first CBD-infused beverage line.
Canopy Growth offers product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel.
Its global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its color-coded classification system and is a market leader in both Canada and Germany.
Canopy Growth has also entered into the health and wellness consumer space in key markets including Canada, the United States and Europe, through BioSteel sports nutrition and This Works skin and sleep solutions; and has introduced additional hemp-derived CBD products to the United States through its First & Free and Martha Stewart CBD brands.