The Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc has announced that it has separated the roles of chair and chief executive officer to uphold the principles of good corporate governance and following its recent listing on the Nasdaq.
Consequently, the leading manufacturer of branded cannabis products has appointed Andrew Cockwell as its new chair of the board, effective immediately, replacing Tyler Robson, who has stepped down as chair in full support of the decision, and who will remain on the board and as the CEO of the company.
"Andrew's proven leadership, combined with his extensive experience in organizational transformation, capital markets and corporate governance makes him an ideal person for this role,” Robson said in a statement.
READ: The Valens Company secures agreement for Green Roads kiosks in major malls across the United States
“This change will also allow me to dedicate more of my time to the execution of our strategy and the management of our growth. I look forward to working closely with Andrew to ensure Valens creates long term value for all stakeholders, including our employees, shareholders, and the community," he added.
Cockwell is the managing partner of Ursataur Capital Management, a private equity firm he founded in 2009 that strategically invests in Canadian mid-market companies across various industries. He previously served in the Private Equity and Corporate Finance practices of global management consulting firm McKinsey & Company, which he joined in 2003 and where he advised businesses, private equity firms, and hedge funds in North America and Europe.
He holds a track record of fostering value creation for both private and public companies, advising on issues such as strategic realignment, operational improvement, capital allocation, and governance, Valens noted.
Cockwell, who holds a Bachelor of Art (Hons.) from Queen's University and a LL.B. with Great Distinction from the Faculty of Law at McGill University, said: "Over the last three years, Valens has made great strides in their commitment to improving corporate governance from its early days as a CSE-listed company to eventually dual listing on the TSX and Nasdaq.”
He added that Valens is undergoing a governance review process to identify additional director nominees to broaden its existing skills matrix and to further diversify the experience and contributions it currently employs.
Separately, the company also announced that it has been granted an extension under the Toronto Stock Exchange rules to extend the timeline for its Annual General Meeting of shareholders to no later than August 2, 2022.
The company said it required the time extension to identify, attract and nominate additional qualified diverse director candidates to further strengthen the board in key areas, including diversity, CPG marketing and branding and capital markets.
An update on the new date for the meeting will be provided in the coming weeks.
Contact the author at jon.hopkins@proactiveinvestors.com