Benzinga | Nov 19, 2021 09:42AM EST

Sebastien St-Louis Leaves HEXO Board As New CEO Scott Cooper Assumes His Position

HEXO Corp (TSX:HEXO) (NASDAQ:HEXO) announced Friday that Sebastien St-Louis has resigned from HEXO's board of directors.

The latest move follows St-Louis' recent departure as co-founder and CEO of the Ottawa-based company, following the finalization of its strategic reorganization.

"Without question, HEXO's future is bright -- I am so proud of the team we established, the brands we launched, and the loyalty our customers have shown us," St-Louis said back then.

Now, the company revealed that its president and recently appointed CEO, Scott Cooper, will also replace St-Louis as a director.

"I would like to take this opportunity to thank Sebastien for over eight years of service on HEXO's Board of Directors," said Dr. Michael Munzar, chair of the board. "Through his years of dedication, he has helped build HEXO into a market leader in Canada."

Munzar praised Cooper's experience with Truss Beverage Co., a joint venture between brewer Molson Coors Beverage Co. (NYSE:TAP) and HEXO and several other publicly-traded consumer packaged goods companies. Munzar added that Cooper will be "instrumental to HEXO's success as we continue to drive growth and profitability through the commercialization of advanced cannabis products and to defend our position as a market leader in Canada."

The company recently reported that Cooper is well-positioned to integrate HEXO's recent transformative acquisitions and leverage the company's lean production capabilities, solid brands and robust product offering to lead HEXO through its next phase of strategic evolution.

More recent news from HEXO:

HEXO To Close Three Recently-Acquired Facilities In Canada, Will Lay Off 155 Workers

Will Hexo's New CEO Help The Cannabis Giant Pivot Towards Positive EBITDA?

HEXO Price Action

HEXO's shares traded 6.05% higher at $1.3999 per share during a pre-market session of Friday morning.

Photo: Courtesy of HEXO Corp