EDMONTON, AB – Aurora Cannabis Inc., a leading Canada-based global medical cannabis company, today announced the appointments of CEO Miguel Martin to the additional role of Executive Chairman and outgoing Chairman Ron Funk as Lead Independent Director. Both appointments follow unanimous votes by Aurora’s Board and are effective immediately.
Mr. Martin has served as Chief Executive Officer and a director of the Company since September 2020 and will continue to serve as Chief Executive Officer. During this time, Mr. Martin has driven significant change within the organization, including the financial recovery of the Company and successful business transformation, all while leading with focus and integrity, and in the best interests of Aurora’s shareholders. As a result, Aurora has been able to weather much of the challenges that most in the cannabis industry have and continue to face. Having worked closely with and under the mentorship of Mr. Funk, who served as Chairman of the Board of Directors (the “Board”) since 2021, the two are aptly positioned to continue to effectively cultivate strong and unified Board leadership and governance as the Company enters its next stage of meaningful global growth.
The Board believes that combining the CEO and Chairman roles will promote strong and consistent leadership, directional clarity, and effective and efficient decision making – all of which better position Aurora to execute on its vision for global leadership.
“I am excited to take on this expanded role and equally thrilled that we will have the ongoing benefit of Ron’s extensive business experience, deep institutional knowledge and meticulous Board leadership and governance expertise as Lead Independent Director,” stated Miguel Martin, Executive Chairman and CEO of Aurora Cannabis.
“It has been a pleasure both serving as Aurora’s Chairman of the Board, and working so closely with Miguel since he was appointed as CEO. I have no doubt that he will continue to effectively lead and drive success in this expanded role for the benefit of our shareholders, and I look forward to our ongoing collaboration in my role as Lead Independent Director,” commented Ron Funk, Independent Director for Aurora Cannabis. “Aurora’s Board and leadership team has evolved greatly over the past few years, enabled by thoughtful and strategic succession planning and all with a focus on what is right for the Company and our shareholders. The future for Aurora is bright, and I am honoured to remain part of the Company’s journey.”
In his expanded role as Executive Chairman, Mr. Martin will lead in setting the Board agenda, drawing on his insight and understanding of Aurora’s business and operations to identify strategic opportunities and risk mitigation approaches for the Board’s consideration. As Lead Independent Director, Mr. Funk will continue to be focused on ensuring that the Board functions effectively and independently of management of the Company and on continuing to provide independent leadership to the Board.
The Company also announced changes to its Board committee compositions.
Michael Singer, who previously acted as Executive Chairman and Interim CEO, is again considered independent within the meaning of National Instrument 52-110 – Audit Committees, as over three years have elapsed since he resigned from the Executive Chairman position in May 2021. As a result, Mr. Singer has been appointed to the Audit Committee and the Human Resource and Compensation Committee (“HRCC”), bringing invaluable expertise to both committees. Both Mr. Singer and Audit Committee chair, Chitwant Kohli, are considered “audit committee financial experts” under the rules of the SEC.
Rajesh Uttamchandani has been appointed to the HRCC and the Nominating & Corporate Governance Committee, bringing his experience in human capital, strategy, governance and innovation which will undoubtedly complement the existing strength of those committees.
About Aurora
Aurora is opening the world to cannabis, serving both the medical and consumer markets across Canada, Europe, Australia and South America. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company’s adult-use brand portfolio includes Drift, San Rafael ’71, Daily Special, Tasty’s, Being and Greybeard. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co, as well as international brands, Pedanios, Bidiol, IndiMed and CraftPlant. Aurora also has a controlling interest in Bevo Farms Ltd., North America’s leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, wellness and adult recreational markets wherever they are launched.
