A company’s board of directors is responsible for generating value for shareholders and stakeholders. This must be achieved by defining and monitoring the corporate strategic framework and policies to execute it through the provision of resources and the development of its human talent. These members are very relevant for a company like Greenlane Holdings and that is why it has decided to make some important changes.
Greenlane has become one of the world’s largest sellers of premium cannabis accessories thanks to its various strategic moves in the industry. It seems that changes in its board of directors are one of the most recent plans.
The company is looking to make a business transformation to become much more agile and profitable. The path to get there has to do with the board of directors and some necessary adjustments.
Adam Schoenfeld, Nick Kovacevich and Richard Taney will no longer serve on the company’s board. As part of the process, incoming CEO Craig Snyder will join the company’s board of directors effective January 6, 2023. The fact that the board sees a decrease to just five members is a clear indication of the board’s commitment to improving the economy.
“To become more efficient and decisive, we are making changes to the makeup of the Board of Directors to support our transition to a higher margin, leaner, and more focused consumer business. Reducing the board to five directors will give Greenlane more flexibility and speed as we undertake significant, positive changes to the business in 2023 while also reducing cash expenses associated with a larger board,” stated Donald Hunter, Chairman of the Board. “I want to especially thank Nick, Rich, and Adam for their many contributions and service to the Board and the company.”
The news comes three weeks after the company announced Lana Reeve as the company’s new chief financial and legal officer. Reeve brings a wealth of experience, having held senior legal and financial positions in large and small, public and private companies for more than 25 years.