HEXO Corp Appoints Trent MacDonald as Acting Chief Financial Officer

Rhea-AI Summary

HEXO Corp. announces the appointment of Trent MacDonald as the acting Chief Financial Officer effective immediately. His permanent role will begin after Health Canada's security clearance process is completed. MacDonald, who joined HEXO in September, has over 15 years of experience in finance, notably as CFO of Rx Drug Mart and VP Finance at Indigo and Sobeys. His expertise focuses on strategic growth and operational effectiveness, supported by a strong educational background in accounting and finance.

Positive

• Trent MacDonald brings over 15 years of financial experience, potentially enhancing HEXO's strategic growth.
• His previous role as CFO at Rx Drug Mart indicates a solid track record in guiding companies through growth.

Negative

• Transitioning CFOs may lead to temporary disruptions in financial strategy and continuity.
• Stephen Burwash's departure could create a gap in leadership during the transition period.

OTTAWA, Oct. 09, 2020 (GLOBE NEWSWIRE) -- HEXO Corp. (“HEXO”, or the “Company”) (TSX: HEXO; NYSE: HEXO) is pleased to announce the appointment of Trent MacDonald to its executive leadership team in the acting role of Chief Financial Officer, effective today. As previously announced, Mr. MacDonald joined the Company in September, and his permanent role as Chief Financial Officer will commence upon the successful completion of Health Canada’s security clearance process for key personnel, which has been initiated. Stephen Burwash remained Chief Financial Officer for a transition period and is stepping down, effective today.

Mr. MacDonald brings more than 15 years of financial executive experience to HEXO, working for both publicly ‎listed and private enterprises. Most recently, he served as the CFO for Rx Drug Mart, a private pharmacy ‎operator/consolidator, helping to guide it through significant growth in sales. Prior to that, he served as Vice President Finance of Indigo (TSX: IDG) and Vice President Finance for some of Sobeys’ (TSX: EMP.A) largest ‎divisions and regions. Throughout his career, Mr. MacDonald has focused extensively on ‎strategic, profitable growth, designing and implementing processes and ‎solutions to ensure operational effectiveness and scalability.

In addition to his financial executive experience, Mr. MacDonald is an award-winning ‎entrepreneur, having owned and operated successful businesses across several different ‎industries, from aquaculture and industrial services, to men’s grooming product retail and barbering. He holds a BBA (Honours, Accounting and Finance) from St. Francis Xavier University and is a Chartered Professional Accountant (CPA, CA). He has held accounting positions at Deloitte and Crowe Soberman.

About HEXO

HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The Company serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. For more information please visit hexocorp.com.

Forward Looking Statements

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.

Investor Relations:
invest@HEXO.com
www.hexocorp.com

Media Relations:
(819) 317-0526
media@hexo.com

FAQ

Who is Trent MacDonald in relation to HEXO?

Trent MacDonald has been appointed as the acting Chief Financial Officer of HEXO Corp.

What experience does Trent MacDonald have?

MacDonald has over 15 years of financial executive experience and has previously served as CFO for Rx Drug Mart.

When will Trent MacDonald officially start as CFO?

His permanent role as CFO will commence upon the successful completion of Health Canada's security clearance process.

What impact could the leadership change have on HEXO?

The change in CFO could lead to strategic shifts in financial management and company operations.