Adam Bierman, Co-Founder and Chief Executive Officer, has decided to step down as Chief Executive Officer of MedMen effective February 1, 2020. The board of directors of the company is in the process of forming a committee of directors that will be responsible for identifying and appointing a new CEO. The committee expects to consider internal and external candidates and may engage a national search firm to aid in its efforts. In the interim, the board of directors has named the company’s Chief Operating Officer & Chief Technology Officer, Ryan Lissack, as Interim CEO. Mr. Bierman has agreed to continue to serve on the company’s board of directors, including as part of the board to be elected at the company’s upcoming shareholder meeting.
In addition, Mr. Bierman has agreed to surrender all of his Class A super voting shares back to the company. As previously announced in December, MedMen Co-Founder Andrew Modlin granted a proxy over all of his Super Voting Shares to the company’s Executive Chairman, Ben Rose until December 2020. Mr. Modlin has also agreed to surrender all of his Super Voting Shares to the company, which would occur upon the expiration of the proxy granted to Mr. Rose. As a result of the surrender of the Super Voting Shares, by the end of 2020, MedMen will have only one class of outstanding shares, the Class B subordinate voting shares, each of which entitle the holder to one vote.
“The Board supports both Adam’s decision to step aside for a new CEO to lead the company, and his and Andrew’s decision to surrender their voting rights to give all shareholders a stronger voice. This evolution will provide Adam the space to contribute to the future of MedMen and extend his commitment to the industry that he has helped pioneer,” said Executive Chairman Ben Rose.
“I continue to believe that MedMen is positioned to thrive. It’s time for our next iteration of leadership to capitalize on the opportunity we have created. This has been an incredible journey and I will continue to be inspired by those around the globe working to make our world safer, healthier and happier through access to legal, regulated cannabis,” said Adam Bierman.
