B.C.-based cannabis behemoth Tilray Inc. has announced changes within its top brass, opting to hire former executives with the beverage and cosmetic industries whose experience may prove on point as cannabis 2.0 continues to unfold.
Former chief financial officer (CFO) Mark Castenada, who will move to a strategic business development role, will be replaced by former Molson Coors Beverage Co. exec Michael Kruteck, while former Revlon executive Jon Levin has been anointed chief operating officer of the licensed cannabis producer. Castenada joined the company in early 2018, and will assist Kruteck with the transition
“We are thrilled to have these experienced leaders join our team as we continue to disrupt the global pharmaceutical, alcohol, CPG and functional food and beverage industries,” Tilray CEO Brendan Kennedy said in a statement.
“Jon and Michael come to Tilray with extensive expertise in their respective fields and we look forward to their contributions as we pioneer the future of cannabis and hemp around the world. As CFO, Mark has led the company through its IPO and substantial growth in the past couple years and we thank him as he transitions to a new strategic role with the company,” Kennedy said.
In addition to his multiple senior financial roles at Molson Coors, Kruteck was recently CFO of Pharmaca Integrative Pharmacy Inc.
Levin is the former general manager of U.S. Mass Markets at American cosmetics giant Revlon, with previous experience as executive vice president of sales at Ferrara Candy Company, as well as senior leadership positions at companies, including Nautilus, Wrigley and Acosta.
Neither appears to have any previous experience in the cannabis industry.
The change will take effect once Tilray files its annual report on Form 10-K for the year ending Dec. 31, 2019.
Written by Emma Spears