The Chief Executive Officer of Aphria, Vic Neufeld, is standing down after five years with the company.
Both Neufeld and company co-founder Cole Cacciavillani are exiting their executive roles with Aphria after some eyebrow-raising allegations about the company recently emerged in the business press.
Neufeld and Cacciavillani will remain on Aphria’s board.
In a note to media, Aphria said that ‘working closely with Irwin D. Simon, Aphria’s recently appointed independent Chair, and President Jakob Ripshtein, Mr. Neufeld and Mr. Cacciavillani intend to complete a smooth and responsible transition to a globally-minded executive leadership team for the long-term benefit of the company’s patients, shareholders, customers, and employees’.
Aphria Chair Irwin D. Simon commented, “Vic and Cole are consummate entrepreneurs. Thanks to their vision, energy and passion, Aphria has become a global player in an industry that didn’t even exist five years ago. On behalf of the entire Aphria team, I want to express my gratitude to both. I look forward to working with them to further build Aphria’s leadership team and continue driving long-term value for our patients, customers and employees into the future.”
“Vic and Cole are consummate entrepreneurs. Thanks to their vision, energy and passion, Aphria has become a global player in an industry that didn’t even exist five years ago.”
Irwin Simon, Aphria
Neufeld said: “When the Canadian medical cannabis market opened up five years ago, Cole was growing millions of potted flowers in Leamington, and he understood that cannabis was a natural product extension for the founding team’s decades of experience as greenhouse growers in Leamington.
“Now with legalization and globalization, including a huge market opportunity with positive developments in the U.S., Aphria’s next generation of leadership may take the reins. Building and leading a Company like Aphria, which exploded from an idea in late 2013 to our many successes to-date, has been an incredible journey, despite the toll it has taken on health, family and personal priorities.”
Cacciavillani commented: “Vic and I have worked tirelessly for decades, building great businesses, but now in our sixties, it is time for both of us to step back from the demands of leading a world-class organization. Endless meetings, travel, deadlines, talent search – the list of executive responsibilities will only continue to grow.”
“Succession is the plan. Cole and I have informed the Board, and they have agreed, that we will begin the transition process immediately, and at the appropriate time, we will both step down from executive positions at Aphria. We continue to have the greatest pride in what Aphria has achieved, and its future has never looked brighter.
“From continued technology advancements, to continued support of scientific developments, to amazing adult use brands, to globalization strategies, and most of all, the hundreds of dedicated passionate team members that have joined Aphria, we are well positioned to be a dominant player,” concluded Mr. Neufeld.
Neufeld and Cacciavillani have been asked by Aphria’s board to continue as special advisors to both the company’s Chair and its President.Cannabis Business Worldwide