Aurora Cannabis (NASDAQ:ACB) stock is falling 6.6% in early trading today after the company disclosed that its CFO has resigned. Also noteworthy is that its new CFO worked for many years at a very large, well-known drug maker but appears to have not held a full-time position since July 2023.
The firm also carried out a 1-for-10 reverse stock split effective today. This news caused its stock price to soar 907% on Friday. However, the value of each investors’ shares was little changed since they now hold one share for every 10 shares that they owned previously.
Aurora’s CFO Change
Aurora announced that its CFO, Glen Ibbott, had resigned “to pursue new opportunities.” The cannabis distributor noted that he would stay with the firm “in an advisory role over the next few months to ensure a smooth transition” to his successor, Simona King.
King, who will become CFO effective Feb. 21, has spent over 25 years in finance and worked at Bristol-Myers Squibb (NYSE:BMY), the giant drug maker, for over 19 years. Her tenure there ended in 2019, according to her LinkedIn profile. While at BMY, “she held increasingly senior finance roles and enabled the company’s growth strategy,” Aurora Cannabis reported.
King left BMY to become Emergent Biosciences’ (NYSE:EBS) VP Finance (FP&A) and Assistant Treasurer, a position she held for about a year. In 2020, King became CFO of Tmunity Therapeutics, which was subsequently acquired.
Finally, in 2021, King joined Passage Bio as its CFO and left the company during a restructuring process. It appears that she has not held a full-time position since July 2023.
A Recent Upgrade of ACB Stock
On Feb. 9, investment bank Canaccord Genuity upgraded ACB to “buy.” The bank believes that the firm is making “moderate progress towards sustainable profitable operations,” while the shares’ valuation had become attractive.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
