It may have taken several years of declining valuation and a couple questionable transactions, but it appears that Sebastian St-Louis is finally on the way out at Hexo Corp (TSX: HEXO). It was announced today that the co-founder of the company was given the boot at the company as part of a strategic reorganization.
It appears there was some level of eagerness to see his departure as well, with the company this morning indicating that it has established a “Special Committee for Succession” to identify a new CEO, rather than having a replacement at the ready.
An interim CEO was not named. The company did state however that it is in advanced discussions with a potential candidate, and a further announcement is expected in “the coming days.”
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In his brief commentary on his departure, St-Louis stated that Hexo was the “highlight of [his] career.”
The company also indicated that its Chief Operating Officer, Donald Courtney, has resigned from the company after three years. He however will be remaining in the role until a replacement is found.
Hexo Corp last traded at $2.15 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
