Aurora CEO Stepping Down
CBJ — As Aurora Cannabis is in the midst of laying off 500 workers the company has also announced its CEO Terry Booth is stepping down, effective immediately. Of the 500 layoffs, it’s estimated about 125 are corporate positions.
Chairman Michael Singer takes over as CEO on an interim basis until a permanent replacement is found.
The company had previously made it known it was looking to reduce its capital expenditures to below $100 million for the second half of fiscal 2020.
“These changes, along with the financial transformation which we are undertaking, should clearly demonstrate to investors that Aurora has the continuity, strategic direction and leadership it needs to transition from its entrepreneurial roots to an established organization well positioned to capitalize on a global growth opportunity,” Booth said in a statement.
Aurora is one of the world’s biggest cannabis companies with operations in 25 countries.