Aurora CEO Miguel Martin takes on additional role as Executive Chairman of Board of Directors
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has announced significant changes to its Board leadership. CEO Miguel Martin has been appointed as Executive Chairman, while outgoing Chairman Ron Funk has been named Lead Independent Director. These appointments, effective immediately, were unanimously approved by Aurora's Board.
Martin, who has served as CEO since September 2020, will continue in this role while taking on additional responsibilities as Executive Chairman. The Board believes this combination of roles will promote strong leadership and efficient decision-making as Aurora aims for global growth.
In other Board changes, Michael Singer has been appointed to the Audit Committee and the Human Resource and Compensation Committee, while Rajesh Uttamchandani joins the HRCC and the Nominating & Corporate Governance Committee. These appointments are expected to bring valuable expertise to their respective committees.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) ha annunciato cambiamenti significativi nella leadership del suo Consiglio. Il CEO Miguel Martin è stato nominato Presidente Esecutivo, mentre il Presidente uscente Ron Funk è stato designato Direttore Indipendente Principale. Queste nomine, con effetto immediato, sono state approvate all'unanimità dal Consiglio di Aurora.
Martin, che ricopre il ruolo di CEO dall settembre 2020, continuerà in questo ruolo assumendo anche ulteriori responsabilità come Presidente Esecutivo. Il Consiglio ritiene che questa combinazione di ruoli promuoverà una forte leadership e decisioni efficienti mentre Aurora punta alla crescita globale.
In altre modifiche al Consiglio, Michael Singer è stato nominato nel Comitato di Audit e nel Comitato per le Risorse Umane e il Compenso, mentre Rajesh Uttamchandani entra nel HRCC e nel Comitato per le Nomine e la Governance Aziendale. Queste nomine si prevede porteranno competenze preziose nei rispettivi comitati.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) ha anunciado cambios significativos en la dirección de su Junta. El CEO Miguel Martin ha sido nombrado Presidente Ejecutivo, mientras que el Presidente saliente Ron Funk ha sido designado como Director Independiente Principal. Estos nombramientos, con efecto inmediato, fueron aprobados por unanimidad por la Junta de Aurora.
Martin, quien ha sido CEO desde septiembre de 2020, continuará en este papel mientras asume responsabilidades adicionales como Presidente Ejecutivo. La Junta cree que esta combinación de roles promoverá un liderazgo sólido y una toma de decisiones eficiente mientras Aurora busca crecer a nivel global.
En otros cambios del Consejo, Michael Singer ha sido nombrado al Comité de Auditoría y al Comité de Recursos Humanos y Compensación, mientras que Rajesh Uttamchandani se une al HRCC y al Comité de Nominaciones y Gobernanza Corporativa. Se espera que estos nombramientos aporten valiosa experiencia a sus respectivos comités.
오로라 대마초 주식회사 (NASDAQ: ACB) (TSX: ACB)가 이사회 리더십에 중대한 변화를 발표했습니다. CEO 미구엘 마르틴이 집행 회장으로 임명되었습니다, 그리고 퇴임한 회장 론 펑크는 주 독립 이사로 임명되었습니다. 이 임명은 즉각 효력을 발휘하며, 오로라 이사회에서 만장일치로 승인되었습니다.
2020년 9월부터 CEO로 재직 중인 마르틴은 이 역할을 계속하면서 집행 회장으로서의 추가 책임도 맡게 됩니다. 이사회는 이러한 역할의 조합이 오로라의 글로벌 성장을 목표로 하는 만큼 강력한 리더십과 효율적인 의사 결정을 촉진할 것이라고 믿고 있습니다.
기타 이사회 변경 사항으로 마이클 싱어가 감사위원회 및 인사 보상위원회에 임명되었습니다, 그리고 라제시 우타흐칸다니가 HRCC 및 지명 및 회사 거버넌스 위원회에 합류합니다. 이러한 임명은 각각의 위원회에 귀중한 전문성을 가져올 것으로 기대됩니다.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) a annoncé des changements significatifs dans la direction de son Conseil. Le PDG Miguel Martin a été nommé Président Exécutif, tandis que le Président sortant Ron Funk a été désigné Directeur Indépendant Principal. Ces nominations, prenant effet immédiatement, ont été approuvées à l'unanimité par le Conseil d'Aurora.
Martin, qui est PDG depuis septembre 2020, continuera à exercer ce rôle tout en assumant des responsabilités supplémentaires en tant que Président Exécutif. Le Conseil estime que cette combinaison de rôles favorisera un leadership solide et une prise de décision efficace alors qu'Aurora vise une croissance mondiale.
Parmi les autres changements au sein du Conseil, Michael Singer a été nommé au Comité d'Audit et au Comité des Ressources Humaines et de la Rémunération, tandis que Rajesh Uttamchandani rejoint le HRCC et le Comité des Nominations et de la Gouvernance. Ces nominations devraient apporter une expertise précieuse à leurs comités respectifs.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) hat bedeutende Änderungen in der Führung seines Vorstands angekündigt. CEO Miguel Martin wurde zum Vorstandsvorsitzenden ernannt, während der scheidende Vorsitzende Ron Funk zum leitenden unabhängigen Direktor benannt wurde. Diese Ernennungen, die sofort in Kraft treten, wurden einstimmig vom Vorstand von Aurora genehmigt.
Martin, der seit September 2020 als CEO tätig ist, wird diese Rolle weiterhin übernehmen und zusätzlich die Verantwortung als Vorstandsvorsitzender tragen. Der Vorstand ist der Ansicht, dass diese Kombination von Rollen eine starke Führung und effiziente Entscheidungsfindung fördert, während Aurora auf globales Wachstum abzielt.
In weiteren Veränderungen im Vorstand wurde Michael Singer in den Prüfungsausschuss und den Ausschuss für Personal und Vergütung ernannt, während Rajesh Uttamchandani dem HRCC und dem Nominierungs- und Unternehmensführungsausschuss beitritt. Diese Ernennungen werden voraussichtlich wertvolle Expertise in die jeweiligen Ausschüsse einbringen.
- CEO Miguel Martin appointed as Executive Chairman, potentially streamlining decision-making processes
- Michael Singer, former Executive Chairman, now considered independent and appointed to key committees
- Board changes aim to strengthen leadership and governance for global growth
- Concentration of power with CEO also serving as Executive Chairman may raise governance concerns
NASDAQ | TSX: ACB
Outgoing Chairman Ron Funk appointed Lead Independent Director, as part of Board leadership transition
Mr. Martin has served as Chief Executive Officer and a director of the Company since September 2020 and will continue to serve as Chief Executive Officer. During this time, Mr. Martin has driven significant change within the organization, including the financial recovery of the Company and successful business transformation, all while leading with focus and integrity, and in the best interests of Aurora's shareholders. As a result, Aurora has been able to weather much of the challenges that most in the cannabis industry have and continue to face. Having worked closely with and under the mentorship of Mr. Funk, who served as Chairman of the Board of Directors (the "Board") since 2021, the two are aptly positioned to continue to effectively cultivate strong and unified Board leadership and governance as the Company enters its next stage of meaningful global growth.
The Board believes that combining the CEO and Chairman roles will promote strong and consistent leadership, directional clarity, and effective and efficient decision making – all of which better position Aurora to execute on its vision for global leadership.
"I am excited to take on this expanded role and equally thrilled that we will have the ongoing benefit of Ron's extensive business experience, deep institutional knowledge and meticulous Board leadership and governance expertise as Lead Independent Director," stated Miguel Martin, Executive Chairman and CEO of Aurora Cannabis.
"It has been a pleasure both serving as Aurora's Chairman of the Board, and working so closely with Miguel since he was appointed as CEO. I have no doubt that he will continue to effectively lead and drive success in this expanded role for the benefit of our shareholders, and I look forward to our ongoing collaboration in my role as Lead Independent Director," commented Ron Funk, Independent Director for Aurora Cannabis. "Aurora's Board and leadership team has evolved greatly over the past few years, enabled by thoughtful and strategic succession planning and all with a focus on what is right for the Company and our shareholders. The future for Aurora is bright, and I am honoured to remain part of the Company's journey."
In his expanded role as Executive Chairman, Mr. Martin will lead in setting the Board agenda, drawing on his insight and understanding of Aurora's business and operations to identify strategic opportunities and risk mitigation approaches for the Board's consideration. As Lead Independent Director, Mr. Funk will continue to be focused on ensuring that the Board functions effectively and independently of management of the Company and on continuing to provide independent leadership to the Board.
The Company is also pleased to announce changes to its Board committee compositions.
- Michael Singer, who previously acted as Executive Chairman and Interim CEO, is again considered independent within the meaning of National Instrument 52-110 – Audit Committees, as over three years have elapsed since he resigned from the Executive Chairman position in May 2021. As a result, Mr. Singer has been appointed to the Audit Committee and the Human Resource and Compensation Committee ("HRCC"), bringing invaluable expertise to both committees. Both Mr. Singer and Audit Committee chair, Chitwant Kohli, are considered "audit committee financial experts" under the rules of the SEC.
- Rajesh Uttamchandani has been appointed to the HRCC and the Nominating & Corporate Governance Committee, bringing his experience in human capital, strategy, governance and innovation which will undoubtedly complement the existing strength of those committees.
About Aurora
Aurora is opening the world to cannabis, serving both the medical and consumer markets across
Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain "forward looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding the appointment of Miguel Martin as Executive Chairman and associated benefits to the Company as well as the Company's future plans and expectations for global growth and leadership.
These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and nongovernment consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated June 20, 2024 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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SOURCE Aurora Cannabis Inc.
FAQ
What changes were announced to Aurora Cannabis's Board of Directors?
Why did Aurora Cannabis combine the CEO and Chairman roles?
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What is Ron Funk's new role at Aurora Cannabis?
