New Hexo CEO opens up about push to overhaul cannabis business after turmoil - BNN Bloomberg

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 59 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 50%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Three months after stepping into Hexo's top job, CEO Charlie Bowman has already deepened his predecessor's cuts and begun backing away from certain products, but he insists the moves are for a good reason: resetting Hexo's cost structure 'dramatically.'

Three months after stepping into Hexo Corp.'s top job, CEO Charlie Bowman has already deepened his predecessor's cuts and begun backing away from certain products, but he insists the moves are for a good reason: resetting Hexo's cost structure"dramatically."

"The previous administration said all revenue is good revenue, and that's a bad, bad thing," Bowman said in a call from Colorado. Cooper previously ran Truss Beverage Co., a joint venture between Molson-Coors Canada and Hexo. Last year he orchestrated a 180-person layoff, which he expected to deliver about $15 million on an annualized basis."The cost cutting wasn't sufficient," he said."We've done additional cost cutting over those initial layoffs and redundancies ... because you have to right-size your organization for success.

The cuts have gone beyond personnel. Bowman has also dropped products which didn't make any money and replaced them with profitable items. The company is currently known for its recreational brands UP Cannabis, Original Stash, 48North, Trail Mix, Bake Sale and Redecan, but Bowman thinks there is room for Hexo to establish itself in the personal care, pharmaceutical and nutritional supplement spaces.

"The pain train still rolling down the tracks" at Hexo, MKM Partners managing director Bill Kirk said in June, roughly a month into Bowman's tenure.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New Hexo CEO Charlie Bowman opens up about push to overhaul cannabis business after turmoilBowman believes he can put the company on the right track, beginning with a whole new strategy for revenue
Source: globeandmail - 🏆 5. / 92 Read more »

Rogers CEO says company 'failed’ and will spend $250 million to split networkRogers Communications Inc.’s top executive said the company “failed to deliver” on a promise of reliable service. Read on There’s more to this than meets the eye
Source: VancouverSun - 🏆 49. / 61 Read more »

Rogers CEO says company 'failed’ and will spend $250 million to split networkRogers Communications Inc.’s top executive said the company “failed to deliver” on a promise of reliable service. Read on
Source: fpinvesting - 🏆 43. / 63 Read more »

Rogers CEO says company 'failed’ and will spend $250 million to split networkRogers Communications Inc.’s top executive said the company “failed to deliver” on a promise of reliable service. Read on
Source: financialpost - 🏆 7. / 85 Read more »