Aphria CEO and co-founder stepping aside from executive
Aphria Inc.’s chief executive will step down from the top job citing the “toll on health, family and personal priorities,” but Vic Neufeld says the decision is unrelated to recent short-seller allegations that have hit the cannabis producer’s stock.
The Leamington, Ont.-company also announced Friday that cofounder Cole Cacciavillani will also leave his current role as vice-president growing operations in the coming months, but both he and Neufeld will remain on the board.
The past five years have been an “incredible journey” but it is time
for a “globally minded” executive team to lead Aphria into the next chapter, said Neufeld.
“It was just time for us to move aside,” he told analysts on a call discussing Aphria’s latest quarterly earnings. “This has nothing to do with the short-sellers’ report, the review, the valuation of assets ... It was time.”
Neufeld said he and Cacciavillani will begin the transition process immediately and step down from their executive positions “at the appropriate time.”
Aphria’s independent chairman Irwin Simon and president Jakob Ripshstein will manage the transition.