Ascend Wellness Holdings Inc (OTCMKTS:AAWH) Stock Falls After Leadership Transition
Multi-state vertically integrated cannabis operator focusing on improving lives, Ascend Wellness Holdings Inc (OTCMKTS:AAWH) on May 9, 2023, announced the appointment of John Hartmann as the new Chief Executive Officer. This will be effective May 15 and the leadership transition comes when the firm is planning to enter the next phase of the growth story.
Trading Data
On Tuesday, AAWH stock moved down 8.35% to $1.0540 with 40.72K shares, compared to volume of 82.04K shares. The stock moved within a range of $1.0400 – 1.1400 after opening trade at $1.1200.
AWH Announces Leadership Transition
The company also made some changes to the Board of Directors, which would be effective next week. The Board appointed John Hartmann as the new CEO after an extensive search by Russel Reynolds. With a wealth of expertise and experience in leadership, operations, and strategy, Hartmann has held several progressive leadership positions in his career. This includes being the President of BuyBuy Baby and CEO of True Value Company.
He also served on boards of various private and public companies. Hartmann currently serves as an Independent Director of the Board for Boyd Group Services, Inc as well as HD Supply Inc.
Abner Kurtin, the Founder and Executive Chairman of Ascend Wellness Holdings said that the company is transitioning from a founder-led management team to a professional-led organization. Kurtin expressed delight in having Hartmann join as the new CEO.
Hartmann said that he is looking forward to joining the Ascend team and leading the firm into the next phase of growth. He believes that the firm is uniquely positioned in the cannabis industry and has significant opportunities for creating value for shareholders.
