Boardroom shakeup at The Valens Company
Published on May 19, 2022 by David Wylie
Tyler Robson has stepped down as chairman of the board at The Valens Company.
He will remain in his role as CEO.
Andrew Cockwell will step in as the new chairman. He says Valens has been working to improve its corporate governance, particularly since its listing on the Nasdaq.
Cockwell is founder of Ursataur Capital Management in Toronto, and formerly a founding partner of ReichmannHauer Capital Partners. Early in his career, he practiced M&A and securities law as an attorney at Sullivan & Cromwell in New York and London.
He advises on strategic realignment, operational improvement, capital allocation, and governance.
“As we look ahead, the separation of Chair and CEO combined with having a majority independent board are critical pieces of the puzzle in delivering value not just for our shareholders but for our entire organization,” says Cockwell.
He says they’re looking at making further improvements to the company’s governance structure, and he says Valens has been going through a “governance review process” to identify additional director nominees.
Robson says he’s in support of the move.
“This change will also allow me to dedicate more of my time to the execution of our strategy and the management of our growth,” he says.
Meanwhile, the company says it has an extension from the TSX on the timeline of its AGM, to Aug. 2 at the latest. The organization will use the time to look for potential director candidates.
Valens has been gaining some momentum recently in the market with its Versus cannabis seltzers and Contraband cannabis flower brand.
The company, which has an office in Toronto and manufacturing facilities in Kelowna and Caledon, Ont., had a rough past fiscal year. Valens borrowed $28 million and has been shedding staff across its operations, including at Citizen Stash.
Valens has numerous brands under its umbrella, including Versus, Vacay, LYF, Halftime, as well as US company Green Roads.