Canopy Growth CEO prospers amidst deep corporate cuts
Published on June 16, 2020 by oz. staff
As Canopy Growth Corporation shocks with massive losses, its CEO isn’t suffering at all — in fact, he’s prospering.
Marijuana Business Daily reports that Canopy CEO David Klein’s salary doubles that of his predecessor, even as the company laid off hundreds of workers.
Recent filings with the U.S. Securities and Exchange Commission show an employment offer was made to Klein late last year with a base salary of US$975,000. Mark Zekulin, who took on the role of interim CEO after Bruce Linton was given the boot earned half of Klein’s salary.
Klein is also eligible to receive millions in stock options, an annual performance bonus equal to 125% of base salary and an annual long-term award of 300% of base salary, reports mjbizdaily.com. On top of that, he can cash in on an annual CA$125,000 allowance, while Canopy also contributes CA$40,000 per year to his retirement plan.
Klein served in a number of senior leadership capacities over the past 14 years at Constellation Brands, which has nearly 40% ownership in Canopy and has been exerting increasing control of the company.
Klein, who transitioned from his role as executive vice-president and chief financial officer at Constellation, is described as an experienced strategist with a deep understanding of how to build enduring consumer brands while leveraging operational scale across a dispersed production footprint.
“Canopy Growth sits at the forefront of one of the most exciting new market opportunities in our lifetime … no company is better positioned to win in the emerging cannabis market.” said Klein when it was announced he would take over at Canopy.