Little Green Pharma (ASX: LGP) announces a leadership transition with Chief Executive Officer, Fleta Solomon, to step aside from the CEO position at the end of August.
The Board of Directors has appointed Paul Long, the current Chief Operating Officer (COO), as the incoming CEO.
Ms Solomon, the founder of LGP, has been a driving force behind the company’s success and growth and will remain on the Board with a part-time executive role focused on external communications, market positioning, ESG, and branding.
After seven years in the role as CEO, living and breathing Little Green Pharma, I’ve elected to reduce my workload and focus increasingly on those parts of the LGP business I’m most passionate about. While this is a difficult decision personally, it was made much easier knowing we have a ready-made replacement in our COO Paul Long,” she said.
LGP Chairman Michael Lynch-Bell said Ms Solomon will continue to be an invaluable asset to the company in her new role as Executive Director.
“Despite stepping aside from the CEO position, Fleta’s presence and commitment to the business remain unwavering. I would like to formally acknowledge the commitment, energy, drive and success she has achieved in her term as CEO.”
The incoming CEO, Paul Long, has been an integral part of Little Green Pharma for over five and a half years and has been successfully running the internal management and operational activities of the business as COO. Mr Lynch-Bell said Mr Long had long been identified as Ms Solomon’s logical successor and the Board was unanimous in its support for him taking on the role.
“Paul has tremendous drive and commitment to the business and has earned the respect of investors, staff, customers, and the Board during his over five-and-a- half-year term as COO. We’re confident he will be an outstanding CEO and steward of the growth strategy we continue to pursue. I congratulate him on the well- deserved appointment” added Mr Lynch-Bell.
As the third-largest shareholder in the company, Ms Solomon has expressed no plans to divest her shares other than potentially small parcels to fund tax obligations if required.
“I have built Little Green Pharma from a mere concept to become the most trusted medicinal cannabis brand in the industry. I’m incredibly proud of the patient lives we have changed around the world through cannabis medicines produced at our Australian and European production facilities. Little Green Pharma is in my blood and remains my passion. I remain 100% committed to the company and optimistic and buoyant about its future prospects. I intend to continue to hold my equity stake for the long term,” she said.
The official date for the leadership transition will be on 29th August, and both Ms Solomon and Mr Long will present at the upcoming Annual General Meeting. This event provides an excellent opportunity for shareholders to gain insights into the future direction of the company and meet its new leadership.
