logo-loader
viewHarvest One Cannabis Inc.

Harvest One Cannabis appoints Andy Bayfield as interim CEO

The board said the executive’s ‘strong capabilities’ in the consumer goods sector will help the company execute its strategic plan

Harvest One Cannabis Inc. - Harvest One Cannabis Inc appoints Andy Bayfield as interim CEO
Harvest One has said it is making progress with its initiatives to restructure operations

Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF) said Friday that its board has appointed Andy Bayfield, the company’s current chief commercial officer as its interim CEO, replacing Grant Froese who has resigned.

In a statement, the company said that Bayfield will start immediately as its temporary boss and will also be appointed to the company's board of directors.

At the same time as Bayfield’s appointment, the group has also appointed Frank Holler, currently chairman of its board, to the position of executive chairman. Holler has also served as chair of the special committee overseeing a strategic review of the business.

READ: MMJ Group investment Harvest One makes progress with strategic review

The cannabis company said that while it had accepted the resignation of Froese as CEO, in order to create a seamless transition, he  will continue to support Bayfield on “a consulting basis.”

"We have full confidence in Andy Bayfield to lead the company forward with its strategic plan," said Harvest One's new executive chairman Holler.

“Andy's extensive experience and strong capabilities in the consumer packaged goods sector will serve Harvest One well in the execution of its strategic plan," he added.

Holler also drew attention to the outgoing CEO’s contributions and said he was “pleased” that Froese would continue to work Harvest One on a consulting basis.

"Since joining the company in 2018, Grant has made a significant contribution to the growth of Harvest One, including leading the establishment of our strong product branding and distribution relationships,” Holler said.

Before joining Harvest One, Bayfield enjoyed a successful career focused on consumer packaged goods with Cadbury, Coca-Cola, and Canada Dry Mott's, a division of Keurig Dr Pepper, where he held senior level positions.

"Our team has been working tirelessly to implement Harvest One's strategic plan," said Bayfield. "We have recently made significant improvements to our cost structure and operating practices, and will provide our full support to the board as it continues with the strategic review process."

Strategic review

MMJ Group Holdings Ltd’s (ASX:MMJ) Canadian investment Harvest One is making progress with its strategic review. Since November 2019, Harvest One has undertaken several initiatives which are expected to contribute to a 30% reduction in selling, general and administrative (SG&A) expenses on an annualized basis.

These initiatives include an overall reduction in workforce by over 20%, a comprehensive salary reduction program at the senior management level and the downsizing of corporate offices.

The company is also in discussions to divest its 50.1% interest in the Greenbelt Greenhouse facility in Hamilton, Ontario, which would provide additional capital.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: Harvest One Cannabis Inc.

Price: 0.12 CAD

TSX-V:HVT
Market: TSX-V
Market Cap: $25.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Harvest One Cannabis Inc. named herein, including the promotion by the Company of Harvest One Cannabis Inc. in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Harvest One now trading on the OTCQX in U.S. and plans for a big 2019

Harvest One Cannabis (CVE:HVT-OTCQX-HRVOF) Director of Investor Relations Colin Clancy joined Steve Darling from Proactive Investors to talk about the company's new listing on the American exchange OTCQX trading under the ticker HRVOF. Clancy also shared details of some management changes...

on 9/1/19

3 min read