HEXO Reveals Refreshed Board Of Directors, Arviv To Weigh In On Members

HEXO Reveals Refreshed Board Of Directors, Arviv To Weigh In On Members

HEXO Corp. HEXO HEXO has entered into a transition agreement with Adam Arviv and his fund, Kaos Capital, to refresh the company’s board of directors, effective immediately.

The new board will stand for election at the company’s upcoming annual and special meeting of shareholders to be held on March 8, 2022.

The new board is composed of seven directors, all of whom are independent, including Mark Attanasio (chair), Rose Marie Gage (vice-chair and chair of the ESG committee), Vincent Chiara, Hélène F. Fortin (chair of the Audit Committee), Rob Godfrey, Peter Montour and William Montour.

The company has also agreed to appoint an eighth director to the board and reasonably acceptable to the board after the meeting.

As part of the changes, John Bell has also announced that he has decided to step down as chair of the board of directors, effective immediately.

“HEXO has built a reputation as a leader in the cannabis sector and will continue to pave the way as the industry evolves,” Scott Cooper, CEO of HEXO, said. “I look forward to working with the refreshed board as we build the company’s next chapter and deliver on the Path Forward.”

“We’ll work closely with the management team as they continue to fast-track the company’s path to becoming a cash flow positive business,” said Arviv, who currently owns roughly 3% stake of HEXO's outstanding shares through his fund Kaos Capital.

In connection with the agreement, John Bell, Emilio Imbriglio, Adam Miron and Scott Cooper (the resigning directors) have resigned from the board effective today and Mark Attanasio, Rob Godfrey (the new directors) and Hélène F. Fortin have been appointed to the board.

The circular contemplates the nomination for election to the board at the meeting of Bell and Cooper. Pursuant to the agreement, the company is pleased to confirm that the new directors will now be nominated to stand for election to the board at the meeting in place of Bell and Cooper.

Photo: Courtesy of Rodeo Project Management Software on Unsplash

 

Posted In: executivesScott CooperCannabisNewsPenny StocksEntrepreneurshipMovers & ShakersMarketsGeneral

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