TerrAscend hires new Chief Executive Officer
TerrAscend Corp. (CSE: TER) a leading North American cannabis operator, announced today that it has appointed Jason Ackerman as Chief Executive Officer ("CEO"). The Company will also relocate its financial operations to its U.S. headquarters in New York City. As part of the move, Toronto-based Adam Kozak will step down as Chief Financial Officer ("CFO"), and New York-based company comptroller, Dr. Stephen Baranowski, will assume the role of interim CFO at the end of April. This comes as TerrAscend continues to build out its U.S. based leadership and operations teams and focuses on its growing footprint and opportunity in the rapidly expanding U.S. market.
Mr. Ackerman joined the TerrAscend Board of Directors as Executive Chairman in November 2019 and was appointed interim CEO in January 2020. Prior to joining TerrAscend, Mr. Ackerman pioneered the development of the online grocery industry. In his 18 years at the helm of FreshDirect, he built the business from the ground up, organically growing the company to over $600 million in annual sales operating in seven states. He is well-versed in omnichannel retail strategy, as well as business operations, logistics and digital transformation. He is a Senior Advisor for the Boston Consulting Group and on the advisory board of The Naked Market and Hart Dairy.
I am energized by the opportunity to shed the interim label and continue to lead this organization as CEO. I believe TerrAscend has best-in-class assets and a talented team that uniquely positions us to capitalize on the opportunities ahead.Jason Wild Chairman of TerrAscend
"Since joining TerrAscend, Jason has brought a renewed focus on operational excellence," said Jason Wild, Chairman of TerrAscend. "Jason's deep retail, distribution and operations experience is second to none and his oversight of our operating divisions has aligned our team in pursuing financially prudent, high-growth opportunities. We are thrilled to have him transition into this leadership role permanently as we continue to build North America's leading cannabis company."
"I have a deep respect for all the work that has taken place to develop the current U.S. footprint, and I look forward to working closely with the Board, members of our management team, and all employees as we deliver exceptional results for our customers and shareholders." Wild added.
Adam Kozak joined TerrAscend in 2018 and led the Company through several of its recent milestones, including the successful completion of TerrAscend's capital reorganization in partnership with Canopy Rivers and Canopy Growth that laid the foundation for allowing the Company to enter into the U.S. market and become a leading North American operator. Additionally, he structured three successful acquisitions, adding top-quality brands and best-in-class retail outlets to TerrAscend's portfolio, including Funky Farms, Ilera, and The Apothecarium.
Wild added, "On behalf of the whole team, we want to thank Adam Kozak for his many contributions during his tenure as CFO. Adam's work facilitated our successful U.S. expansion and has positioned TerrAscend to continue to execute on the significant growth opportunity ahead."
Adam Kozak added, "I am extremely proud of all that we have accomplished as a team at TerrAscend, and as we deepen our commitment to the U.S. market now is the right time to take the next step in further aligning our operations. Led by Jason Wild and Jason Ackerman, TerrAscend is a company with great vision. They are innovative, agile and are uniquely positioned to lead the U.S. market. I am committed to helping the company during this transition period and look forward to the team's continued success."
The Company has retained an external executive search firm to fill the NYC-based CFO position. To ensure a smooth transition, Adam Kozak will stay on with TerrAscend through the end of April. At that time, Dr. Baranowski will commence his role as interim CFO.
Disclaimer: Past performance is not an indicator of future performance.
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