Canopy Growth shares get lift after Constellation executive named new CEO
by The Canadian PressSMITH FALLS, ONT. --
Shares of Canopy Growth Corp. got a lift after the cannabis producer named a veteran Constellation Brands executive as its new chief executive.
Canopy shares gained $3.33 or 13.5 per cent at $28.05 in late morning trading on the Toronto Stock Exchange.
David Klein, the chief financial officer at Canopy's largest shareholder, will replace Mark Zekulin, effective Jan. 14, 2020.
Klein has been serving as chairman of the board at Canopy, which intends to appoint a new chairman once he takes over as CEO.
Zekulin is a founding employee at Canopy and has served in a variety of roles including president, co-CEO and finally as CEO after co-founder Bruce Linton was ousted earlier this year.
Linton's departure came after Constellation said in June that it was "not pleased" with the company's financial results.
Zekulin is expected to step down as CEO and resign his seat on the board of directors of Canopy effective Dec. 20.
This report by The Canadian Press was first published Dec. 9, 2019