Riv Capital, an investment and acquisition firm focused on developing a leading multi-state platform with one of the strongest brand portfolios in key strategic markets across the country, has announced significant changes to its management team. According to the recent announcement, Mark Sims has left the company, retiring from his position as president and CEO.
Sims’ departure is effective immediately and the company’s Board of Directors has had to take swift action to find his replacement. Mike Totzke, who used to run the company’s operations, has now been appointed as the new internal CEO. In the meantime, the board is looking for the ideal candidate to take over the baton on a permanent basis.
Totzke has had a short but successful tenure with Riv since the middle of last year. He says he will continue to work hard to develop the company’s cultivation, dispensary, and sales operations in New York State, among other management functions that were previously being carried out under Sims, who also stepped down from the board.
Based on the terms of its investor rights agreement with Riv, The Hawthorne Collective is entitled to fill the Board seat formerly held by Sims and has initiated a selection process to fill that seat. The creation of a Strategic Growth Committee appears to be among the board’s plans to lead and develop growth strategies, including potential strategic mergers and acquisitions.
Chris Hagedorn, board member and president of Hawthorne, will be in charge of this new entity. The board believes that the Strategic Growth Committee will have the ability to work closely with management in exploring a variety of initiatives to capitalize on Riv’s unique strengths.