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MedMen Enterprises Inc. has appointed Edward Record as its new Chief Executive Officer, effective immediately, succeeding Michael Serruya, who remains Chairman of the Board. Record, a board member since 2021, brings extensive retail and restructuring experience, having previously held CFO positions at Hudson's Bay Company and J.C. Penney. In a related announcement, Roz Lipsey, the Chief Operating Officer, will resign effective May 20, 2022. This leadership change aims to enhance operational discipline and facilitate a strategic repositioning of MedMen's business model.
Positive
Appointment of Edward Record as new CEO may improve operational performance.
Record's extensive retail experience could lead to beneficial restructuring.
Continues leadership stability with Michael Serruya remaining as Chairman.
Negative
Resignation of COO Roz Lipsey could create operational challenges.
Leadership transitions may introduce uncertainty in strategic direction.
LOS ANGELES--(BUSINESS WIRE)--
MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis retailer with operations across the United States, today announced the appointment of Edward Record as Chief Executive Officer, effective immediately. Record succeeds interim CEO Michael Serruya, who will continue to serve as Chairman of the Board.
Record joined MedMen’s Board of Directors in 2021. He brings deep retail and restructuring experience, having overseen financial and operational performance for several large national retailers. He previously served as the Chief Financial Officer for Hudson's Bay Company, whose U.S. holdings include Saks Fifth Avenue. Before joining HBC, Record was Chief Financial Officer for J.C. Penney. Prior to J.C. Penney, Record held leadership positions at Stage Stores, Kohl’s and Belk.
“We are pleased to announce Ed as our CEO,” said Michael Serruya, MedMen’s Chairman of the Board. “Ed has the operational discipline and restructuring expertise that MedMen requires at this time, as well as a deep understanding of MedMen’s business model and strategy, inclusive of critical repositioning of the balance sheet and real estate portfolio.”
The Company also announced it has received notification from Roz Lipsey, Chief Operating Officer, of her decision to resign, effective May 20, 2022. Continued Serruya, “We appreciate Roz’s contributions to the organization over the years and wish her well in her future endeavors.”
ABOUT MEDMEN:
MedMen is a premier American cannabis retailer with an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts, and Florida. MedMen offers a robust selection of high‐quality products, including MedMen‐owned brands MedMen Red and LuxLyte through its premium retail stores, proprietary delivery service, as well as curbside and in‐store pickup. MedMen Buds, an industry‐first loyalty program, provides exclusive access to promotions, product drops and content. MedMen believes that a world where cannabis is legal and regulated is safer, healthier, and happier. Learn more about MedMen at www.medmen.com.
What is the significance of Edward Record's appointment as CEO of MMNFF?
Edward Record's appointment as CEO of MMNFF is significant as he brings extensive retail and restructuring experience, which could enhance the company's operational performance.
When did Edward Record take over as CEO of MedMen?
Edward Record took over as CEO of MedMen Enterprises Inc. effective immediately as announced in the press release.
Who did Edward Record replace as CEO of MedMen?
Edward Record replaced interim CEO Michael Serruya, who will continue to serve as Chairman of the Board.
What date is Roz Lipsey's resignation effective?
Roz Lipsey's resignation is effective as of May 20, 2022.
What experience does Edward Record bring to MMNFF?
Edward Record brings deep retail and restructuring experience, having served as CFO for major companies like Hudson's Bay Company and J.C. Penney.
