CANADA – Canopy Growth Corporation has appointed Constellation Brands’ executive vice president and chief financial officer David Klein as the company’s new Chief Executive Officer, effective January 14, 2020.
David will be replacing Mark Zekulin who will be stepping down from his role as CEO and resigning his seat on the Board of Directors of Canopy effective December 20, 2019.
As a founding employee of Canopy Growth (then Tweed Marijuana Inc.), Mark was instrumental in building Canopy into what it is today first in the role of President, then President and Co-CEO, and finally as CEO.
David brings a wealth of expertise to this role, having served in a number of senior leadership capacities over the past 14 years at Constellation Brands.
His capabilities include extensive CPG and beverage alcohol industry experience, strong financial orientation, and experience operating in highly regulated markets in the U.S., Canada, Mexico and Europe.
In his current role as executive vice president and CFO at Constellation Brands, David oversees all aspects of the company’s finance operations, including mergers and acquisitions, as well as the company’s information technology function.
He serves as a member of Constellation Brands’ executive management committee and has also served on the Canopy Growth Board of Directors for over a year and is presently Canopy Growth’s Board Chair.
Canopy believes that his familiarity with the company’s current leadership team and strategy will allow him to integrate quickly, a major benefit in the fast-moving cannabis sector.
“Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime,” said Klein.
“Thanks to the efforts of Mark and the entire team at Canopy Growth, no company is better positioned to win in the emerging cannabis market.
“I look forward to working with the team to build on the foundation that has been laid, to develop brands that strongly resonate with consumers, and to capture the market opportunity before us.
“Together we will drive sustainable, industry-leading growth that benefits employees, shareholders and the communities in which we operate.”
Following his appointment at Canopy Growth, David will step down from all other positions he currently holds, remaining a member of the Canopy Board of Directors.
The company also revealed that it intends to appoint a new Chairperson upon David’s effective date as CEO.
Constellation Brands has hence promoted its Senior Vice President, Corporate Development, Garth Hankinson as the new Executive Vice President and Chief Financial Officer (CFO), effective January 13, 2020.