Hexo appoints third CEO in six months as cannabis company's restructuring continues

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Musical chairs is continuing at Hexo Corp. as the cannabis company has announced the appointment of its third chief executive in six months.

Charlie Bowman has been appointed acting president and CEO, effective immediately, replacing Scott Cooper.

Cooper took on the role in October, with a strategic reorganization that saw co-founder Sebastien St-Louis leave the company.

Bowman will move into a permanent role following the successful completion of Health Canada's security clearance process for key personnel, which has been initiated.

He had been acting chief operating officer and general manager of Hexo USA.

New CFO

The Gatineau-based company also announced that Julius Ivancsits will replace Curtis Solsvig as acting chief financial officer, effective May 16, and take on the role full-time after receiving security clearance.

“We are entering the next phase of Hexo's strategic growth plan by remaining laser-focused on becoming cash-flow positive, expanding our leading brands' market share across Canada's recreational market, whilst growing our international business and launching new products for medical,” Bowman said in a news release.

The shakeup follows the recent departure of former vice-president of finance Jim Clark, who left the cannabis company to take on the role of chief financial officer at Kanata software firm Martello Technologies.

Hexo recently announced plans to close its Belleville facility this summer, affecting 230 employees as it further streamlines operations.