Business News Australia Reports
Less than two months after announcing that Peter Crook would be stepping down as top boss, medicinal cannabis company Cann Group (ASX: CAN) has appointed Peter Koetsier as its new CEO from 16 January.
The incoming executive held senior positions at AstraZeneca and Bristol-Myers Squibb prior to his six-year stint at French biopharmaceutical company Ipsen, where he most recently served as the head of Asia Pacific.
With more than 30 years of leadership experience, Koetsier will receive a fixed annual remuneration of $350,000 for the new role, plus incentives that could take his pay packet up to $490,000. He will also acquire 4.5 million shares through the company’s employee options scheme.
“I have a strong interest in new therapeutic areas and see tremendous potential for medicinal cannabis,” Koetsier said.
“Cann has established a genetics and production/manufacturing base that is world class. The opportunity, now, is to capitalise on those assets and drive profitable growth.”
Founded in 2017, Melbourne-based Cann Group supplies high-THC dried flowers as both an Active Pharmaceutical Ingredient (API) and finished product, as well as a range of extracts and oral oils to business-to-business (B2B) customers in Australia, Germany and the UK.
Serving as CEO for six years, Crock led the group through its initial public offering (IPO), as well as a capital raise worth more than $70 million last year. He will leave behind a legacy of production sites – including a flagship $115 million Mildura facility which notched its first commercial crop harvest in 2022.
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