MedMen Announces Leadership Change As CEO Steps Down

MedMen Co-Founder and Chief Executive Officer Adam Bierman has decided to step down as CEO of the company effective Feb. 1, 2020. MedMen’s board of directors 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. 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, 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. 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 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.

MedMen plans to release its financial results for the second quarter fiscal 2020 ended Dec. 28, 2019, after market close on Wednesday, Feb. 26, 2020. Following the release of these financial results, at 5 p.m. Eastern that same day, the company will host a conference call and audio webcast with interim Chief Executive Officer Ryan Lissack and Chief Financial Officer Zeeshan Hyder to discuss the results in further detail.