Canopy Growth (NASDAQ:CGC) has a pair of new faces in its boardroom. On Wednesday, the company said it appointed two new directors to its board, Terry Yanofsky and David Lazzarato. The appointments are effective immediately.
The newcomers replace the outgoing John Bell and Peter Stringham. Bell had been the marijuana company's lead director, while Stringham was chair of the board's corporate governance, compensation, and nominating committee.
Yanofsky comes from the retail industry. Over the course of a 30-plus year career, she worked in companies such as L Brands (NYSE:LB), where she served as the country manager for the Canadian operations of the company's Bath & Body Works retailer. Most recently she was senior vice president, general manager of Sephora Canada, the north-of-the-border unit of the big cosmetics company.
As for Lazzarato, he has wide experience and a work history that includes stints as a top executive at several notable Canadian companies such as Bell Canada. Canopy Growth says that he has served on a number of company boards; at present he is a director and chair of the audit committee at gambling company Stars Group. He also serves on the corporate governance and nominating committees.
In its announcement, Canopy Growth wrote of the incoming directors that "[t]heir leadership and experience in highly competitive industries will be instrumental as we focus the business and evolve into an execution-driven operating company."
Despite the new blood in its boardroom, investors were cold on Canopy Growth stock. On Wednesday, the company's shares sank by nearly 6%, a steeper fall than that suffered by the broader stock market.