15:28:39 EDT Fri 19 Apr 2024
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Aurora Cannabis Inc
Symbol ACB
Shares Issued 998,596,023
Close 2019-02-19 C$ 9.15
Market Cap C$ 9,137,153,610
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Aurora Cannabis appoints Atkins to board

2019-02-20 08:05 ET - News Release

Mr. Terry Booth reports

AURORA CANNABIS ANNOUNCES KEY CHANGES TO ITS BOARD OF DIRECTORS

Michael Singer, previously chairman of the board of Aurora Cannabis Inc., has been appointed executive chairman of the board of directors. The company also announced that independent director Ronald Funk has been named lead independent director and Margaret (Shan) Atkins has been appointed as a new independent director and chair of the audit committee. Diane Jang, who has served on the company's board since November, 2017, has voluntarily resigned her position as director of Aurora.

"As Aurora continues to mature into one of the world's largest and leading cannabis companies, it is important that our board continues to examine its composition to ensure that its experience and expertise aligns with the company's strategic direction," said Mr. Singer. "The changes announced today ensure that our board is well equipped to continue to provide that guidance and strong oversight to the company. In my new role I will continue to work closely with our CEO, Terry Booth, and the rest of our senior executive team on all matters pertaining to strategic direction, execution and finance. Ron, with his exceptional senior leadership track record and experience, has been a valuable contributor as an independent director and is now positioned to play a more critical role as our lead independent director. He will work closely with Norma Beauchamp, chair of the governance committee, to continue to advance and further enhance our corporate governance practices."

Appointment of Ms. Atkins

The company also appointed Ms. Atkins as a new independent director and chair of the audit committee. Ms. Atkins brings deep experience in public company governance and leadership in global retail and health care companies, such as Shoppers Drug Mart, Tim Hortons, and Sears, Roebuck & Company. Her expertise in overseeing public company reporting for both large Canadian and U.S. listed companies will prove an important asset for Aurora, which is dual listed on the Toronto Stock Exchange and New York Stock Exchange.

Mr. Funk added: "Shan's expertise on the boards of both Canadian and U.S. public companies further strengthens the governance function at Aurora. Additionally, her track record in industry verticals with great relevance to Aurora provides tremendous value as the company develops, and we look forward to welcoming her on the board as an independent member and head of our audit committee."

Ms. Atkins

Ms. Atkins brings over 20 years of corporate leadership of experience to Aurora. A certified public accountant, she spent 14 years at Bain & Company, where she became a partner and leader in the firm's global consumer and retail practice. She also maintained a secondary practice in health care, working in Rx and OTC pharmaceuticals and in the hospital industry. Ms. Atkins also served as executive vice-president of Sears, Roebuck & Company (USA) and since 1999, she has served as an independent director on 10 public and private corporate boards in the U.S. and Canada. She is currently on the boards of Darden, SpartanNash, SunOpta and LSC Communications. Previously, Ms. Atkins served on the boards of Shoppers Drug Mart, Tim Hortons and The Pep Boys. She is a graduate of Queen's University and the Harvard Business School.

Resignation of Ms. Jang

Diane Jang, chief executive officer of Hempco Food and Fiber, has voluntarily resigned from her position on Aurora's board of directors. Ms. Jang was appointed to the company's board in November, 2017, and made important contributions in the development of the company's hemp strategy.

Mr. Singer added, "We wish to thank Diane for her important contributions towards establishing Aurora's strong position in the domestic and international hemp business, which will remain her focus going forward as CEO of Hempco, in which we have a controlling ownership interest."

Options and DSU grant

The company has awarded a director of the company 28,000 options, pursuant to the company's stock option plan, exercisable at a price of $9.43 per common share. The options shall vest over a period of three years in equal annual instalments. Additionally, the company has granted 5,000 deferred share units, vesting over 12 months in equal quarterly instalments.

About Aurora Cannabis Inc.

Headquartered in Edmonton, Alta., Canada, with financed capacity in excess of 500,000 kilograms per annum and sales and operations in 23 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, and wholesale and retail distribution.

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