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HEXO Director Resigns

Capping a week notable for the departure of several executives and other high-ranking figures, plus a set of layoffs, the marijuana industry saw another departure late Friday afternoon. HEXO (NYSE: HEXO) said a member of its board of directors, Nathalie Bourque, has resigned from that body, effective today.

HEXO did not give a reason or reasons for Bourque's move. It also did not say whether it had tapped a replacement for her. The six-member board included both Bourque and the company's co-founder and CEO, Sebastien St-Louis.

Image source: Getty Images.

In the press release covering the matter, HEXO lavished praise on its now-departed director. It wrote that her "extensive experience in communications, public affairs and investor relations across financial, biopharmaceutical, retail and entertainment industries were an invaluable contribution to HEXO as we entered the legal adult-use market and grew exponentially."

Bourque is a veteran of the communications industry, having served in a variety of executive-level positions at several Canadian companies. These include CAE, which describes itself as "a worldwide leader in training for the civil aviation, defense and security, and healthcare markets," and NATIONAL Public Relations.

The day previous to Bourque's exit from HEXO, fellow big Canadian marijuana company Aurora Cannabis (NYSE: ACB) announced that its CEO, Terry Booth, had stepped down from his post. Like Bourque, Booth's goodbye was effective immediately; Aurora tapped its executive chairman, Michael Singer, to serve as interim CEO until a more permanent replacement is found.

HEXO's stock closed down nearly 4% in trading on Friday. At least investors aren't bailing from the stock as much as they have with Aurora -- that company's shares cratered by 15% on the day.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends HEXO. The Motley Fool has a disclosure policy.


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