Corporate growth initiatives and taking advantage of THC’s existing ‘significant’ investment in pharmaceutical medicinal cannabis manufacturing assets will be the focus of the review.
The restructure involves Ken Charteris standing down as the group's chief effective officer immediately and being replaced by Jarrod White as interim chief executive officer.
THC will undertake a global executive search for a new fulltime CEO with appropriate experience and expertise in medicinal cannabis and pharmaceutical manufacturing.
Senior executive leadership
White has been with the company since 2017 in several senior executive management roles, including being the chief financial officer since 2019.
He will assist the board in undertaking a full strategic and financial review of the company’s global operations, focusing on capital preservation, cost rationalisation and advancement of revenue-generating business activities, particularly with respect to THC’s global cannabis production activities and capabilities.
The company has additionally appointed Sonny Didugu to the new role of group chief operating officer, ending his previous role of head of corporate strategy.
Didugu has held senior executive management roles with THC since 2018.
He will support the interim CEO and business unit heads in rationalising current reporting structures and effecting new management initiatives across the group including facilitating better cooperation and integration across the company’s diverse global business operations.
Executive management and governance
To facilitate the review THC has made several other structural changes, including:
- Enabling the Interim CEO and group COO to make financial and operational recommendations for approval by the board and lead growth initiatives across the group, driving revenue and preserving capital;
- Expanding the board management committee to include Lou Cattelan, a highly experienced pharmaceutical industry executive who has significant experience in operating and managing TGA licensed pharmaceutical manufacturing facilities;
- Appointing Philip Leighfield as new joint company secretary (with White stepping down from this role during his appointment as interim CEO) in order to assist the interim CEO and group COO given the expanded nature of their duties during this review period.
The timing of this strategic review ensures THC’s focus is on new development initiatives that will drive sustainable revenue growth.
This focus will include an evaluation of its pathway to market and global partnerships as the company establishes itself as a leader in the global cannabis industry.
The board and new senior executive leadership will ensure that during the course of this review, there will be no disruption to core current initiatives and that the review of activities will result in a leaner, stronger global business going forward.