Well, it took all of one day to discover another company making changes at the top. In this case, it’s Sundial, and their charismatic leader Torsten Kuenzlen….has left the building. And the COO (Brian Harriman)….is going with him.
The market is absolutely tanking the stock right now – for months they’ve been messaging ‘all is well’ – and Torsten has been regarded somewhat highly in the sector. With this sudden departure (effective immediately!), it means that something on the back-burner finally boiled over, and they came to a crossroads.
Ted Hellard (Executive Chair) is gone too, but remains on committee.
If anything is to be divined from this, the press release notes that Sundial is “continuing to implement strong corporate governance practices”…and that the new COO (also promoted to President of Canadian Operations) has deep experience in Consumer Packaged Goods (CPG).
It probably won’t be too long before ‘CPG’ is produced as a cultivar by some outfit at this rate.
The new CEO (Zach George) steps right from the Board into the role, and if there was a reason for Torsten’s abrupt departure, it’s found in the description of his skills. According to Sundial, Mr. George is really good at “effecting corporate change through increased efficiency and operational improvements”.
Next financials might lay all this out, but for now, the market definitely isn’t happy about the sudden change at the top here.
The preceding is the opinion of the author, and is in no way intended to be a recommendation to buy or sell any security or derivative. The author holds no position in $SNDL