CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today provided an update on the strategic initiative it has undertaken to increase the strength and depth of the Company’s senior leadership team. These key appointments position the Company to scale rapidly, efficiently, and with a view to generating industry-leading sustaining returns on invested capital by focusing on brands and wholesale in the States that matter.
Cresco Labs’ CEO and Co-founder Charlie Bachtell commented, “To successfully transition from entrepreneurial growth, to an organization focused on consistent execution at scale, it is imperative to have access to the best talent available and to go deep in key areas. You have to fortify the traits needed for early-stage success with sound fundamentals, a scalable structure and a dynamic leadership team that can pull your organization to the next level. Starting last year, we began the transition to our next phase of growth as an organization. The very team we picked to lead this expansion, is the same team that has been invaluable during this time of uncertainty resulting from the COVID-19 pandemic. Our team hit the ground running during this crisis, engaging quickly and taking the steps required to support the Company’s objective to be the most important cannabis company in the U.S. market. I would like to thank each of them for the outsized contributions they have already made, which have reinforced the strength of the Company and positioned it for continued success.”
Additions to senior management over the last year have been focused specifically on improving the following areas in order to become a more efficient, scalable CPG company:
- Data mining, analysis and quality – driving agility and accuracy in decision making.
- Cultivation – ensuring Cresco has the best product at the best yields.
- Operations and standardization – particularly focused on production and manufacturing.
- Corporate governance, compliance and financial controls.
As previously announced, in 2019 Cresco added corporate officers including Chief Information Officer Mo Dastagir, Chief People Officer Angie Demchenko and, earlier this year, Chief Commercial Officer Greg Butler.
Continuing to strengthen the leadership team, the company announced key new additions and promotions to Cresco’s senior leadership team:
Tom Manning, Chair of the Board and Executive Chair
Having served on the Cresco board since 2016, Tom Manning was elected Chair of the Board in 2019. Mr. Manning worked with Mr. Bachtell to develop the organizational redesign and broadening of the Cresco leadership team and moved into the role of Executive Chair in February 2020. Mr. Manning will continue to work closely with Mr. Bachtell, executive management and the Board to coordinate corporate strategy, with a focus on building organizational strength, flexibility, and resilience to address the rapid growth potential foreseen by the Company, to further develop relationships with traditional institutional investors and to prepare the organization for an eventual listing on a US exchange. Mr. Manning draws on his experience in organizational development, capital markets and corporate strategy to drive additional value creation and to help the executive team achieve Cresco’s goal of becoming the most successful and important company in the industry.
Mr. Manning is the former Chairman and CEO of Dun & Bradstreet, Chairman and CEO of EY Asia and brings over 40 years of business experience to this role. He has served as CEO of a variety of global companies, and his corporate governance experience is extensive, having served on eight public boards and an equal number of private company boards over his career while teaching corporate governance at both the University of Chicago law school and business school.
Todd West, Executive Vice President – Operations
In his new role, Todd West will be working collaboratively throughout all of the Company’s cultivation, manufacturing and distribution facilities to increase operational efficiencies, improve quality assurance, build out the product development team and implement further automation capabilities to facilitate the efficient building of scale and market share. Mr. West has a proven background in the food manufacturing industry with companies such as Lifeway Foods and Starbucks. Mr. West is experienced in designing and implementing safety and quality controls that align with the highest food and pharma certifications in the market today.
Prior to this promotion, Mr. West served as Senior Vice President of Product Development and Commercialization for the Company’s food and beverage segment. He spearheaded the expansion of Mindy’s Edibles to California and Massachusetts and led the increase in edibles production to serve the new adult-use market in Illinois.
Donny Trivisonno, Executive Vice President – Planning, Insights & Analytics
Donny Trivisonno joined Cresco in January 2020 and is responsible for scaling the sales and operations planning (S&OP) process to bring greater focus and synchronization across the organization, to support the Company as it scales. Leveraging his experience at Apple managing the supply/demand planning for all products for 500+ retail stores and web for 30 countries, he has been…