Ascend Wellness Announces Leadership Overhaul
Multi-state, vertically integrated cannabis company Ascend Wellness Holdings, Inc. (AWH) announced a weighty leadership shift as the company continues to position its operations to align with its long-term strategic goals and financial priorities. The change in leadership includes John Hartmann no longer serving as the company’s chief executive officer, as well as Mark Cassebaum’s termination as chief financial officer, effective immediately.
Samuel Brill, appointed by the board of directors, is taking over the position of chief executive officer. Brill has extensive experience within the cannabis industry and a deep understanding of AWH’s financial and strategic priorities. Brill has served on the company’s Board of Directors since May 2023, when he was appointed lead independent director. During his time on the board, he assisted in guiding the company through its recently announced refinancing transaction and has been recognized for his robust knowledge of capital markets.
Brill is also chairman of the board of Invacare Holdings Corporation, which is a global leader in the manufacture and distribution of home and long-term care medical products, as well as serving as the president and chief investment officer of Seventh Avenue Investments, LLC for the past seven years. It was at Seventh Avenue Investments that Brill managed all aspects of the private equity business of a multibillion-dollar single-family office in New York City. Also playing a critical role in helping the management teams of portfolio companies, Brill has helped make strategic decisions such as mergers and acquisitions (M&A), corporate reorganization, and financial planning.
Another change in leadership for AWH is that co-founder and current director Francis Perullo has been appointed as president. Perullo has helped lead AWH from its founding to over half a billion dollars in revenue across the past five years. With his wealth of cannabis and operational expertise, Perullo will focus on driving operational excellence across all business areas.
Previously, Perullo has served as interim Co-CEO of AWH, and his leadership has been critical to the company’s growth trajectory and brand success. However, Perullo spent his first three years with the company as chief strategy officer, spearheading the company’s retail expansion strategy while also building out AWH’s initial footprint.
Next up in leadership changes is Roman Nemchenko, who was previously the chief account officer from April 2020. Nemchenko has been appointed chief financial officer, aiming to lead the company’s financial operations, with a sharp focus on improving margins and cash flow and generating financial excellence.
Nemchenko has roughly 15 years of experience in finance and accounting, with a strong background in initial public offerings, financial analysis, M&A, restructuring, SEC reporting, technology implementations, tax strategy, and regulatory compliance. During his time with AWH, Nemchenko has helped build the company’s accounting and financial operations, playing a key role in its 2021 initial public offering and driving major financial and operational improvements like M&A transactions.
Strategic Focus and Future Outlook
The leadership changes are part of the company’s dedication to improving its operational efficiency and financial performance, with the new leadership team committed to driving sustainable growth and delivering long-term value for shareholders, employees, and customers.
“We are confident that this hands-on leadership team, with their diverse expertise and deep industry knowledge, will guide Ascend through this next phase of growth. The leadership changes come as part of a broader effort to realign our strategy and address recent performance challenges. We are confident that the changes will bring our focus back to the basics with an emphasis on the fundamentals and will position AWH for future success,” said Abner Kurtin, executive chair of the board of directors. “Our focus will be on improving our operational performance and continuing to deliver high-quality products and services to our customers. The board of directors is committed to supporting the leadership team as they lead the company through this important transition.”
