Cronos Group Appoints Bob Madore as Chief Financial Officer
August 06 2021 - 7:33AM
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the
“Company”), an innovative global cannabinoid company, today
announced the appointment of Bob Madore as Chief Financial Officer,
effective August 9, 2021, who will succeed Jerry Barbato.
“We are pleased to add a leader of Bob’s caliber to the Cronos
Group team,” said Kurt Schmidt, President and Chief Executive
Officer of Cronos Group. “Bob brings to Cronos Group a proven track
record of financial leadership spanning an impressive and diverse
30-year career. His operational capabilities and experience at high
profile global consumer brands make him the ideal person to be our
next CFO. We look forward to Bob playing a key role in our efforts
to capitalize on growth opportunities as Cronos Group continues to
execute our regional strategies and R&D and innovation work at
the brand level.”
Mr. Schmidt continued, “On behalf of everyone at Cronos Group, I
would like to thank Jerry for his leadership and contributions to
the Company. He played an instrumental role in strengthening our
finance and procurement functions, driving the SAP implementation
in both Canada and the U.S. and building out IT with a new focus on
cyber security. His dedication and knowledge of the business have
been instrumental in helping build Cronos Group into the Company it
is today. I thank Jerry for his service and wish him all the best
in his future endeavors.”
Mr. Madore commented, “Cronos Group has built a premier
portfolio of innovative products supported by a solid balance
sheet, and it is an honor to join the Company at such an exciting
time in its development. I look forward to working with Kurt and
the management team and leveraging my background and skills to
build on the Company’s strong foundation and drive greater value
for Cronos Group’s shareholders.”
Mr. Barbato said, “It has been a privilege to work with the
Cronos Group team and I’m proud of all we have accomplished over
the last several years. I know that under Bob’s leadership and with
support of the outstanding team across the organization, the
Company is well positioned to lead the global cannabis industry and
capture the significant opportunities ahead.”
2021 Second Quarter Financial Results
In a separate release today, the Company disclosed its 2021
second quarter financial results. The Company will host a
conference call with investors and analysts today at 8:30 a.m. ET
to review its financial results.
About Bob Madore
Bob Madore recently served as Chief Financial Officer of
American Eagle Outfitters Inc. from 2016 to 2020. Prior to that,
he served in a number of key financial and operational roles
at Ralph Lauren Corporation beginning in 2004 through 2016, most
recently as Chief Financial Officer from April
2015 to September 2016. Before joining Ralph Lauren,
Bob was Chief Financial Officer for New York &
Company from 2003 to 2004, and served as Chief Operating
Officer and Chief Financial Officer of FutureBrand, a division
of McCann Erickson, from 2001 to 2003. Before that, he held
various executive management positions at Nine West Group,
Inc. from 1995 through 2000. Bob began his career in 1987 at
Deloitte & Touche in audit services and worked in the firm’s
mergers and acquisitions practice from 1993 until 1995. Bob holds a
Bachelor of Science from Southern Connecticut State University.
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with
international production and distribution across five continents.
Cronos Group is committed to building disruptive intellectual
property by advancing cannabis research, technology and product
development. With a passion to responsibly elevate the consumer
experience, Cronos Group is building an iconic brand portfolio.
Cronos Group’s portfolio includes PEACE NATURALS™, a global
wellness platform, two adult-use brands, COVE™ and Spinach™, and
three U.S. hemp-derived CBD brands, Lord Jones™, Happy Dance™ and
PEACE+™. For more information about Cronos Group and its brands,
please visit: thecronosgroup.com.
Forward-looking Statements
This press release may contain information that may constitute
“forward-looking information” or “forward-looking statements”
within the meaning of applicable Canadian and U.S. securities laws
(collectively, “Forward-looking Statements”). All information
contained herein that is not clearly historical in nature may
constitute Forward-looking Statements. In some cases,
Forward-looking Statements can be identified by the use of
forward-looking terminology such as “may”, “will”, “expect”,
“plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe”
or the negative of these terms, or other similar expressions
intended to identify Forward-looking Statements. Some of the
Forward-looking Statements contained in this press release include
the anticipated benefits to the Company of Mr. Madore’s appointment
as its Chief Financial Officer, the Company’s ability to leverage
the Company’s strengths and deliver greater value for the Company’s
shareholders, and the Company's intention to build an international
iconic brand portfolio and develop disruptive intellectual
property. Forward-looking Statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive risks, financial results,
results, performance or achievements expressed or implied by those
Forward-looking Statements and the Forward-looking Statements are
not guarantees of future performance. A discussion of some of the
material risks applicable to the Company can be found in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and subsequent reports on Form 10-Q, which have been filed
on SEDAR and EDGAR and can be accessed at www.sedar.com and
www.sec.gov/edgar, respectively. Any Forward-looking Statement
included in this press release is made as of the date of this press
release and, except as required by law, Cronos Group disclaims any
obligation to update or revise any Forward-looking Statement.
Readers are cautioned not to put undue reliance on any
Forward-looking Statement.
Cronos Group ContactShayne LaidlawTel: (416)
504-0004investor.relations@thecronosgroup.com
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