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Aurora Cannabis Inc. (NYSE:ACB) shares were dropping Thursday following the announcement that co-founder and CEO Terry Booth will retire.
Aurora, an early darling of the cannabis industry, said in a press release that Executive Chairman Michael Singer will become interim CEO.
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BNN Bloomberg had reported earlier in the day that the company would cut its workforce by about 10%.
In the statement announcing Booth's retirement, the company also laid out a plan to increase the size of its board, and said it was undertaking a "business transformation plan."
"These combined changes are consistent with, and evidence of Aurora's commitment to, achieving positive EBITDA and cash flow as rapidly as possible, while still maintaining the ability to capitalize on longer-term Canadian and global cannabis market opportunities," the company said.
Aurora said two new independent directors will join the board, taking it to 10 members.
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See Also: Tilray, Aurora Cannabis Layoffs May Signal Industrywide Problem
Rationalizing Expenditures
It said the transformation plan would "reduce the company's expense base, rationalize capital expenditures, and better align its balance sheet with current market conditions."
"The timing is right to announce my retirement with a thoughtful succession plan in place and the immediate expansion of the Board of Directors," Booth said in the statement. "These changes, along with the financial transformation which we are undertaking, should clearly demonstrate to investors that Aurora has the continuity, strategic direction and leadership it needs to transition from its entrepreneurial roots to an established organization well positioned to capitalize on a global growth opportunity."
ACB Stock Price
Aurora's stock closed down 5.6% Thursday, and was down another 11% in after hours trading to $1.78 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.