Canopy Growth Corporation (NYSE: CGC) announced that Co-Chief Executive Officer Bruce Linton will step down from the Company he founded back in 2013.
Mark Zekulin has agreed to become the sole Chief Executive Officer of Canopy. The board and Zekulin will work together now to begin searching for a new leader for the Company. Rade Kovacevic will assume the role of President.
“Creating Canopy Growth began with an abandoned chocolate factory and a vision,” said Linton. “The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy’s success. While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade’s leadership to the full suite of leadership – as we progress through this transition and into the future.”
However, Linton said in an interview with CNBC that he was fired from the Company, rather than stepping down.
Under Linton’s reign, Canopy has thrived and became the massive global cannabis corporation it is today. Throughout Linton’s tenure, Canopy branded partnerships with influential celebrities such as Martha Stewart and Snoop Dogg. Moreover, Canopy received a large investment from Constellation Brands (NYSE: STZ).
Despite Constellation’s investment into Canopy, Constellation Chief Executive Officer William Newlands said he wasn’t too pleased with Canopy’s recent results. Nonetheless, Newlands is still content with its investment and long-term partnership with Canopy.
Linton mentioned that he had a feeling that his departure was in the works when he was called into a meeting with the board. He noted that Canopy gave him an exit package, but did not mention what it included.
“I really think at the end of the day, sometimes entrepreneurs are entrepreneurs because they’re not super employable,” Linton said. “And I would say I probably don’t have a resume because I like creating businesses and driving them. You don’t always mesh well with everyone in the playpen. I think probably what they’re doing will probably be a better decision, it’s just not a great day for Bruce.”