Hexo Corp. said Monday it’s in advanced talks with “a preferred CEO candidate” and it expects to make an announcement in coming days. The company said founder and CEO Sebastien St-Louis has left the cannabis beverage company as part of a strategic reorganization. Hexo chairman Michael Munzar thanked St-Louis and said the board has set up a special committee for succession to find a new CEO to help the company defend its “position as a market leader in Canada and secure our place as a top-three global cannabis company.” In a statement, St-Louis said the Hexo”future is bright” and that he looks forward to the company’s next stage of growth as a significant shareholder. Hexo COO Donald Courtney has also resigned but will remain in the position until a replacement is identified. St-Louis had been with Hexo since he founded the company in 2013. HEXO shares are down 53% this year, negatively outpacing the Cannabis ETF’s 3% dip YTD.
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