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Aphria's President To Resign Amid Another Management Reshuffle

May 14, 2019 9:14 am
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Aphria's President To Resign Amid Another Management Reshuffle

Aphria Inc (NYSE:APHA) on Tuesday announced some management changes.

What Happened

Aphria announced its President Jakob Ripshtein will resign from the company June 7. Ripshtein was promoted to the role in November, which gave him the responsibility of the company's operating units worldwide.

Ripshtein's responsibilities will be shared among the existing senior leadership team.

The company announced several appointments, with James Meiers being appointed to the role of COO, Aprhia Leamington; Tim Purdue is appointed as Chief Information Security Officer; and Maureen Berry as VP of Corporate Human Resources.

Why It's Important

Cannabis companies are going all out to woo the lucrative market opportunity through operational excellence, inorganic growth and management expertise.

After first-quarter results released in January, Aphria's CEO Vic Neufeld and co-founder Cole Cacciavillani announced their decisions to transition out of their roles. Irwin Simon has assumed the responsibility of the CEO role on an interim basis.

Aphria's board has also seen several changes in the past few months.

What's Next

Aphria said it's looking forward to opportunities around the world, including the recent award of cultivation license in Germany as well as in the U.S.

Aphria's stock traded higher by 1.6 percent to $6.87 per share Tuesday morning.

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