On Tuesday, Aurora Cannabis (NYSE:ACB) introduced a probably huge 1.Eight billion CAD ($1.37 billion) write-down for Q4. Simultaneously, the Canadian marijuana firm introduced it has chosen a brand new CEO, its Chief Commercial Officer Miguel Martin. The market reacted with shock, sending ACB inventory down 12% earlier than recovering.
But it’s a trick that different corporations have lengthy used.
When struggling corporations want to offload previous dangerous selections, they throw the previous CEO beneath the bus. Hewlett Packard (NYSE:HPQ) famously did that in 2012 once they fired CEO Leo Apotheker whereas writing off $8.Eight billion on its failed Autonomy acquisition. It cleans the slate for the brand new CEO.
Aurora Cannabis, nevertheless, will want excess of blame-shifting to survive. Here’s what Aurora inventory buyers want from the subsequent CEO.
ACB Stock: The Weakest Link in the Promising Cannabis Industry
Readers will know that I’ve lengthy eyed the authorized hashish trade. Americans spend…