A big change is afoot at multi-state operator (MSO) Curaleaf Holdings (CURLF -2.43%). In addition to reporting its first-quarter results Monday afternoon, the company also announced a leadership transition. Let's explore how it did in the quarter and, more importantly, whether the new executive appointment might give the shares a boost.

Matching expectations

For the period, Curaleaf's total revenue came in just slightly over $313 million. While that was 20% higher year over year, it was 2% below the fourth quarter of 2021. The company's net loss was nearly $20 million ($0.03 per share) -- deeper than the year-ago shortfall of $14.8 million, but a vast improvement over the $27.5 million the marijuana company lost in the preceding quarter.

Cannabis flower.

Image source: Getty Images.

On average, the analysts tracking Curaleaf stock were anticipating a shade over $319 million on the top line, and a marginally deeper per-share net loss of $0.04. So ultimately, the company performed more or less within expectations.

What the public likely didn't expect was for Curaleaf to name a new leader. Concurrent to its earnings announcement, Curaleaf revealed that it has hired a new CEO.

This is Matt Darin, a veteran of the still-young marijuana industry. Darin began his pot career in early 2015 as a co-founder of Grassroots Cannabis, for which he also served as COO. Scale-hungry Curaleaf absorbed Grassroots in July 2020 after a fairly long acqusition process, in a deal that was ultimately valued at around $700 million. After this, Darin became Curaleaf's president. His tenure as CEO began Monday.

Given his experience, Darin seems like a solid choice as Curaleaf's new No. 1 executive. 

Early days

What's more intriguing -- and perhaps an indication of the direction in which Curaleaf is moving -- is the fate of the man Darin is replacing. Now ex-CEO Joe Bayern is heading a new company division responsible for developing a consumer-packaged goods (CPG) business model.

In the press release heralding the new executive appointments, Curaleaf quoted executive chairman Boris Jordan as saying of Bayern: "His experience as a brand builder and CPG leader will be instrumental for our new venture at a time when the opportunities in the marketplace are only just being realized."

So the company is tilting in a new direction; its pronouncements might imply a push to get its cannabidiol (CBD) products onto the shelves of more mainstream stores, as opposed to chiefly dispensaries.

Curaleaf, which has a relatively broad CBD product selection in its Curaleaf Hemp line, isn't yet shedding much light on this. Jordan was quoted as saying only vaguely that "We'll be sharing more on the new division and its role in our strategy soon."

So Curaleaf investors should monitor their company's news about this new CPG unit. While I don't feel the addressable market for CBD is immense -- look at the lackluster performance of specialists like Charlotte's Web Holdings, for instance -- the company has the scope and reach to distribute such products widely.

But all of this is just rank speculation; hopefullly we'll know more details about Curaleaf's plans soon.

Hold on and watch

The CEO change, then, is more interesting for the new role created for Bayern than the position now occupied by Darin.

Personally, I wouldn't trade into or out of the stock purely on the leadership move. The creation of Bayern's new job is an interesting development, though, and it'll be worthwhile to track the development of the CPG business as it's built and starts (hopefully) growing.