Cronos Group Inc. on Monday named its executive chairman Mike Gorenstein as chairman, president, and CEO of the cannabis company. The move takes effect Monday after Kurt Schmidt retired as CEO. Gorenstein previously worked as CEO of Cronos Group from 2016 to 2020, where he was named executive chairman. Jim Rudyk, lead independent director of Cronos, said Gorenstein is “uniquely positioned to oversee the implementation of our strategic and operational realignment initiatives as we create a highly differentiated branded cannabinoid platform to drive long-term success.” Shares of Cronos Group rose 2.5% in premarket trades.
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