Canopy Growth Corporation has named current board member Luc Mongeau as its next chief executive officer, effective Jan. 6, 2025.

Mongeau succeeds David Klein, who will continue in his role as CEO until Jan. 6. Klein will step down as a member of the board and will shift into a special advisor role until Aug. 31, 2025.

"It's been an honor over the past four years to lead Canopy Growth, which we've collectively shaped into a focused and financially disciplined organization primed for lasting success," Klein said. "As the company enters this new phase, I am committed to working closely with Luc to support an efficient transition and I'm confident in his ability to lead Canopy Growth forward to new successes."

Mongeau has most recently served as CEO of ESolutions Furniture, an e-commerce provider for residential and commercial furniture. He has previously held the role of president for Weston Foods, as well as president of Mars Petcare North America.

Since joining the board as an observer in early 2023 and as a board member in February 2024, Mongeau has played a key role in shaping the company's strategy. This has included a focus on driving asset-light expansion across Canopy Growth's core markets, as well as actions to achieve near term profitability.

"Having worked with our board for nearly two years, Luc's unique blend of cannabis experience, combined with decades of CPG expertise, makes him the ideal leader to guide Canopy Growth through its next phase of growth," said David Lazzarato, chairman of the board, Canopy Growth. "The board is confident in Luc's ability to drive our vision forward while maintaining the company's momentum. We would also like to extend our gratitude to David Klein for his leadership and dedication throughout this transformative period in Canopy Growth's history."

Mongeau holds a Bachelor of Science from the Université de Sherbrooke and an MBA from the Ivey School of Business at Western University. He has also completed executive education at Harvard Business School.

"With some of the best-known brands in the industry, a strong global medical cannabis business, category leading vaporizers from Storz & Bickel, and unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well positioned for growth," Mongeau said. "I am honored to lead Canopy Growth into this exciting next chapter, and I am confident that our vision, dedication to our consumers, and the commitment of our team members will continue to position us for long-term success and value creation."

Canopy Growth is working to identify and nominate a new board member to fill the vacancy created by Klein's departure. Willy Kruh has replaced Mongeau as an independent member of the company's Corporate Governance, Compensation and Nominating committee until a new director is appointed to the board.