Ascend Wellness Holdings Announces Leadership Updates
Ascend Wellness Holdings (AAWH) has announced significant leadership changes as part of its strategy to align operations with long-term goals and financial priorities. Samuel Brill, current Director, has been appointed as CEO, replacing John Hartmann. Francis Perullo, Co-Founder and current director, has been named President, while Roman Nemchenko, previously Chief Accounting Officer, has been promoted to CFO.
These changes aim to enhance operational efficiency and financial performance. The new leadership team is focused on improving margins, cash flow, and driving sustainable growth. The company's Executive Chair, Abner Kurtin, expressed confidence that these changes will bring focus back to fundamentals and position AWH for future success.
Ascend Wellness Holdings (AAWH) ha annunciato cambiamenti significativi nella leadership come parte della sua strategia per allineare le operazioni con obiettivi a lungo termine e priorità finanziarie. Samuel Brill, attuale Direttore, è stato nominato CEO, sostituendo John Hartmann. Francis Perullo, Co-Fondatore e attuale direttore, è stato nominato Presidente, mentre Roman Nemchenko, precedentemente Chief Accounting Officer, è stato promosso a CFO.
Questi cambiamenti mirano a migliorare l'efficienza operativa e le performance finanziarie. Il nuovo team di leadership è concentrato sul miglioramento dei margini, del flusso di cassa e sulla promozione di una crescita sostenibile. Il Presidente Esecutivo dell'azienda, Abner Kurtin, ha espresso fiducia nel fatto che questi cambiamenti riporteranno l'attenzione sui fondamenti e posizioneranno AWH per il successo futuro.
Ascend Wellness Holdings (AAWH) ha anunciado cambios significativos en su liderazgo como parte de su estrategia para alinear las operaciones con los objetivos a largo plazo y las prioridades financieras. Samuel Brill, director actual, ha sido nombrado CEO, reemplazando a John Hartmann. Francis Perullo, cofundador y director actual, ha sido nombrado presidente, mientras que Roman Nemchenko, anteriormente Chief Accounting Officer, ha sido ascendido a CFO.
Estos cambios tienen como objetivo mejorar la eficiencia operativa y el rendimiento financiero. El nuevo equipo de liderazgo se concentra en mejorar los márgenes, el flujo de efectivo y promover un crecimiento sostenible. El presidente ejecutivo de la empresa, Abner Kurtin, expresó confianza en que estos cambios devolverán el enfoque a los fundamentos y posicionarán a AWH para el éxito futuro.
Ascend Wellness Holdings (AAWH)는 장기 목표 및 재정 우선 사항에 운영을 맞추기 위한 전략의 일환으로 중요한 리더십 변화를 발표했습니다. Samuel Brill은 현 이사에서 CEO로 임명되었으며, John Hartmann을 대체합니다. Francis Perullo는 공동 설립자이자 현 이사로서 회장으로 임명되었고, Roman Nemchenko는 이전의 Chief Accounting Officer에서 CFO로 승진했습니다.
이번 변화는 운영 효율성과 재정 성과를 향상시키기 위한 목표를 가지고 있습니다. 새로운 리더십 팀은 마진, 현금 흐름 개선과 지속 가능한 성장을 추진하는 데 집중하고 있습니다. 회사의 이사회 의장인 Abner Kurtin은 이러한 변화가 기본 사항에 대한 초점을 되돌리고 AWH가 미래의 성공을 위한 위치를 확립할 것이라고 확신했습니다.
Ascend Wellness Holdings (AAWH) a annoncé des changements significatifs au niveau de la direction dans le cadre de sa stratégie d'alignement des opérations sur les objectifs à long terme et les priorités financières. Samuel Brill, directeur actuel, a été nommé PDG, remplaçant John Hartmann. Francis Perullo, co-fondateur et directeur actuel, a été nommé président, tandis que Roman Nemchenko, auparavant responsable comptable, a été promu CFO.
Ces changements visent à améliorer l'efficacité opérationnelle et la performance financière. La nouvelle équipe dirigeante se concentre sur l'amélioration des marges, des flux de trésorerie et le développement d'une croissance durable. Le président exécutif de l'entreprise, Abner Kurtin, a exprimé sa confiance dans le fait que ces changements ramèneront l'attention sur les fondamentaux et positionneront AWH pour un succès futur.
Ascend Wellness Holdings (AAWH) hat bedeutende Veränderungen in der Führung angekündigt, um die Betriebe mit den langfristigen Zielen und finanziellen Prioritäten in Einklang zu bringen. Samuel Brill, derzeitiger Direktor, wurde zum CEO ernannt und ersetzt John Hartmann. Francis Perullo, Mitbegründer und derzeitiger Direktor, wurde zum Präsidenten ernannt, während Roman Nemchenko, zuvor Chief Accounting Officer, zum CFO befördert wurde.
Diese Veränderungen sollen die operative Effizienz und die finanzielle Leistung steigern. Das neue Führungsteam konzentriert sich auf die Verbesserung der Margen, des Cashflows und fördert nachhaltiges Wachstum. Der Executive Chair des Unternehmens, Abner Kurtin, äußerte Vertrauen, dass diese Veränderungen den Fokus auf die Grundlagen zurückbringen und AWH für zukünftigen Erfolg positionieren werden.
- Appointment of experienced leaders with deep industry knowledge and understanding of the company's operations
- Focus on improving operational performance and financial metrics
- Emphasis on enhancing margins, cash flow, and driving financial excellence
- Alignment of operations with long-term strategic goals and financial priorities
- Sudden departure of previous CEO and CFO, indicating potential internal issues or performance challenges
- Acknowledgment of recent performance challenges requiring strategic realignment
- Potential short-term disruption due to leadership transition
Insights
This leadership shake-up at Ascend Wellness Holdings signals a significant strategic shift. The appointment of Samuel Brill as CEO, with his extensive cannabis industry and capital markets experience, suggests a renewed focus on financial performance and strategic growth. Francis Perullo's promotion to President leverages his deep operational expertise, which could lead to improved operational efficiency. Roman Nemchenko's elevation to CFO indicates a strong emphasis on financial discipline and compliance.
These changes appear to be a response to recent performance challenges, with the new leadership team tasked with realigning strategy and improving fundamentals. For investors, this could mean a period of operational restructuring and potentially improved financial results in the medium to long term. However,
The leadership overhaul at Ascend Wellness Holdings reflects broader trends in the maturing cannabis industry. As the sector faces increasing competition and regulatory pressures, companies are prioritizing financial stability and operational efficiency over rapid expansion. The appointment of leaders with strong financial backgrounds, like Samuel Brill and Roman Nemchenko, suggests a shift towards more conservative financial management.
This move could position Ascend to better navigate the challenging cannabis market landscape, potentially improving its competitive stance. However, it's important to monitor how these changes might affect the company's growth strategy and market share in key states. Investors should watch for any shifts in Ascend's expansion plans or product development initiatives under the new leadership.
The immediate termination of the previous CEO and CFO, coupled with internal promotions, suggests urgent action to address financial performance issues. Roman Nemchenko's promotion to CFO, given his experience with the company's IPO and M&A activities, indicates a focus on improving financial operations and potentially exploring strategic transactions.
Investors should closely monitor upcoming financial reports for signs of margin improvement and enhanced cash flow, as emphasized in the announcement. The mention of a recent refinancing transaction is noteworthy, potentially signaling efforts to optimize the company's capital structure. While these changes aim to drive long-term value, they may result in short-term restructuring costs. Key metrics to watch include
The Board of Directors has appointed Samuel Brill current Director, as Chief Executive Officer. Mr. Brill brings extensive experience in the cannabis space and a deep understanding of the Company's financial and strategic priorities as well as robust capital markets knowledge. During his tenure on the Board of Directors, Mr. Brill helped guide the Company through its recently announced refinancing transaction.
Francis Perullo, Co-Founder and current director, has been appointed as President. Mr. Perullo has deep cannabis and operational expertise and will focus on driving operational excellence across all business segments. As Co-Founder, Mr. Perullo has led the Company from inception to over a half a billion dollars in revenue over the past 5 years.
Roman Nemchenko, previously Chief Accounting Officer ("CAO"), has been appointed as Chief Financial Officer ("CFO"). In his expanded role, Mr. Nemchenko will lead the Company's financial operations, with a keen focus on improving margins, cash flow, and driving financial excellence. During his tenure as CAO, Mr. Nemchenko built out the Company's accounting and financial operations, led the Company through its initial public offering, numerous M&A transactions and the Company's tax and
These leadership changes are part of Ascend's commitment to enhancing its operational efficiency and financial performance. The new leadership team is dedicated to driving sustainable growth and delivering long-term value for shareholders, employees, and customers.
"We are confident that this hands-on leadership team, with their diverse expertise and deep industry knowledge, will guide Ascend through this next phase of growth. The leadership changes come as part of a broader effort to realign our strategy and address recent performance challenges. We are confident that the changes will bring our focus back to the basics with an emphasis on the fundamentals and will position AWH for future success," said Abner Kurtin, Executive Chair of the Board of Directors. "Our focus will be on improving our operational performance and continuing to deliver high-quality products and services to our customers. The Board of Directors is committed to supporting the leadership team as they lead the Company through this important transition."
Samuel Brill Biography:
Samuel Brill was appointed Chief Executive Officer of Ascend in August 2024. Mr. Brill has served on the Company's Board of Directors since May 2023, when he was also appointed as Lead Independent Director. Mr. Brill is Chairman of the Board of Invacare Holdings Corporation (OTC: IVCRQ), a global leader in the manufacturing and distribution of medical products. Mr. Brill served as the President and Chief Investment Officer of Seventh Avenue Investments, LLC ("SAI") for the last seven years. At SAI, Mr. Brill managed all aspects of the private equity business of a multibillion-dollar single-family office in
Francis Perullo Biography:
Francis Perullo was appointed President of Ascend in August 2024. Prior to that, Mr. Perullo served as the EVP of Corporate Affairs. He also serves on the Board of Directors. Mr. Perullo previously served as interim Co-CEO of Ascend. Mr. Perullo's leadership has been key to Ascend's impressive growth trajectory and brand success as one of the Company's Co-Founders. Mr. Perullo spent his first three years as Chief Strategy Officer, during which time he spearheaded the Company's retail expansion strategy and built out AWH's initial footprint. Previously, Mr. Perullo served as a strategic consultant for multi-national corporations. He was Founder of Novus Group and Sage Systems, one of the leading providers of web-based data management software, which he founded in 2002.
Roman Nemchenko Biography:
Roman Nemchenko was appointed Chief Financial Officer of Ascend in August 2024, following his role as Executive Vice President and Chief Accounting Officer since April 2020. He played a key role in the Company's 2021 initial public offering and has driven significant financial and operational improvements.
With approximately 15 years of experience in finance and accounting, Mr. Nemchenko has a strong background in initial public offerings, financial analysis, M&A, restructurings, SEC reporting, technology implementations, tax strategy, and regulatory compliance. His career includes leadership roles at Acreage Holdings, Oscar Insurance, and Fortress Investment Group, as well as auditing and consulting experience at PwC. Mr. Nemchenko holds a CPA, a BS in Finance and Accounting, and an MS in Forensic Accounting.
About Ascend Wellness Holdings, Inc.
AWH is a vertically integrated operator with assets in
Cautionary Note Regarding Forward-Looking Information
This news release includes forward-looking information and statements, which may include, but are not limited to, the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking information and statements. Without limiting the generality of the preceding statement, this news release contains forward-looking information and statements concerning the Company's current projections and expectations about future events and financial trends, as well as the plans and objectives of management for future operations. We caution investors that any such forward-looking information and statements are based on certain assumptions and analysis made by the Company in light of the experience of the Company and its perception of historical trends, current conditions and expected future developments, and other factors management believes are appropriate.
Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others, the risks and uncertainties identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's other reports and filings with the applicable Canadian securities regulators on its profile on SEDAR+ at www.sedarplus.ca and with the SEC on its profile on EDGAR at www.sec.gov. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information or statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
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SOURCE Ascend Wellness Holdings, Inc.
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