Cronos Group Inc. (CNW Group/Cronos Group Inc.)

Cronos Group Announces Expanded Leadership Structure to Drive Next Phase of Growth

Cronos Group Inc. announced that its Board of Directors has appointed Kurt Schmidt President and Chief Executive Officer of the Company, effective today. Kurt brings to Cronos Group more than three decades of experience leading and growing renowned global consumer packaged goods companies and their brands, including at Blue Buffalo Company Ltd., Nestlé S.A., Gerber and Kraft Foods. The Company also announced that Mike Gorenstein has been appointed Executive Chairman. Mike has served as Chairman, President and Chief Executive Officer of Cronos Group since 2016.

“I am thrilled to welcome Kurt to Cronos,” said Gorenstein. “We’ve built a premier global cannabinoid Company with a portfolio of innovative technology, differentiated consumer brands, an excellent team, a fortress balance sheet and a strong strategic partner. Over the past year, I’ve led a search for an experienced consumer focused executive who shares the Company’s values and can help take us to the next level. When I met Kurt, it was immediately clear that he is uniquely suited to drive the Company’s next phase of growth and continue our commitment to lead the industry forward responsibly.”

Gorenstein continued, “Kurt is a world-class executive with a long track record of outstanding performance. He has demonstrated tremendous success partnering with founders of late stage start-ups to accelerate growth. He also has extensive operational and management experience at some of the largest global consumer goods companies. I’m excited to partner with Kurt to leverage Cronos Group’s strengths and deliver best in class brands and products to our consumers.”

“Mike’s vision, creativity and hard work have been the force behind Cronos Group’s success. This expanded leadership structure joins his strong capabilities and those of our executive team with Kurt’s extensive CPG expertise. This is a powerful combination that we believe will create meaningful benefits across the Cronos organization. We are delighted to welcome Kurt to the Company,” said Jim Rudyk, Cronos Group’s Lead Independent Director.

Schmidt said, “What Mike and the Cronos team have achieved in such a short period of time is truly impressive. I am passionate about brands and inspired by Cronos’. Joining as CEO is a unique opportunity to use my work building outstanding brands, high performance teams and results driven organizations. I look forward to working with Mike, the Board and the Company’s dedicated employees to propel Cronos Group toward its full potential.”