- THC Global (THC) has seen its share price drop by more than 10 per cent this morning after CEO Ken Charteris was stood down, effective immediately
- Ken has been replaced by Joint Company Secretary and Chief Financial Officer Jarrod White who has been appointed interim CEO while a search for an experienced medical cannabis executive is underway
- Further, Joint Company Secretary and Head of Corporate Strategy Sonny Didugu has been appointed as Group Chief Operating Officer
- In this role he will support Jarrod in the Interim CEO role and facilitate better cooperation and integration across THC Global’s international business operations
- Finally, Philip Leighfield has been appointed as new Joint Company Secretary to assist both the Chief Operating officer and Interim CEO
- The company states that the purpose of this reshuffle is to target global partnerships and corporate growth initiatives
- THC Global’s share price is still down 8.89 per cent and shares are trading for 20.5 cents each
THC Global (THC) has seen its share price drop by more than 10 per cent this morning after CEO Ken Charteris was stood down, effective immediately.
Ken has been replaced by Joint Company Secretary and Chief Financial Officer (CFO) Jarrod White who has been appointed interim CEO while a search for an experienced medical cannabis executive is underway.
Ken has had extensive experience in the biotech and pharmaceutical sectors over the past 30 years, having worked as CEO, Managing Director and Chairman in multiple companies.
He has been involved with THC Global since is listed on the ASX in 2017 and has been involved in numerous roles within the company.
Further, Joint Company Secretary and Head of Corporate Strategy Sonny Didugu has been appointed as Group Chief Operating Officer (COO).
In this role, he will support Jarrod in the Interim CEO role and facilitate better cooperation and integration across THC Global’s international business operations.
Finally, Philip Leighfield has been appointed as new Joint Company Secretary, working alongside Sonny, to assist both the COO and Interim CEO.
THC Global states that the purpose of this reshuffle is to target global partnerships and corporate growth initiatives.
Despite recording a 63 per cent increase in year on year revenue in 1H 2020, coming in at $3.5 million, THC Global is aware it needs to tighten its capital allocation given the market uncertainty surrounding COVID-19.
The company will aim to use this reshuffled board to drive sustainable revenue growth and evaluate global partnerships.
THC Global’s share price is still down 8.89 per cent and shares are trading for 20.5 cents each at 11:23 am AEST.