Aphria CEO and co-founder step­ping aside from ex­ec­u­tive

The Sun Times (Owen Sound) - - BUSINESS - ARMINA LIGAYA

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.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.