David Klein is the newly appointed CEO of Canopy Growth, one of the largest cannabis producers in the country of Canada. He has not yet officially assumed his post yet but he is preparing to do so in January of 2020. We wanted to learn more about him so we looked into his history and career to become better acquainted with him. He's an interesting executive who brings an impressive resume that indicates that he is a capable leader, and here are 20 things you probably didn't know about David Klein that you might find to be interesting and inspirational.
1. Klein was an executive at a major shareholder of Canopy Growth Corp.
Mr. Klein is currently the Chief Financial Officer of Constellation Brands, Inc, which is a company that holds a major share of Canopy Growth Corp.'s stock already. He is assuming the position of Chief Executive Officer which means that he will have responsibility for establishing and maintaining a positive trajectory for the Canadian giant in the cannabis industry.
2. He doesn't have long to prepare
We also learned that the current CEO of Canopy is Mark Zekulin who assumed the helm in the absence of a permanent leader when Bruce Linton was ousted from the position. Zekulin has fulfilled the position until a suitable replacement could be found. he currently serves on the board but will step down as CEO and resign on December 20, 2019. There will be a gap in coverage until Klein is fully installed in the position on January 14, 2020.
3. He has already worked with Canopy
David Klein is not coming into the job without prior knowledge of the company. He was appointed as chairman of Canopy in October of 2019. This has given him ample time to make inquiries and become prepared for when he will be in a position to begin making executive decisions that affect the company moving forward.
4. He will step down as chair
Mr. Klein will step down as the chair of Canopy when he assumes the position of CEO. The company will appoint a new chairman after they have their CEO installed. There is little doubt that there is going to be a transitional period bu at least David has had the opportunity to become familiar with the staff, colleagues and the way that business has been conducted within the inner parts of the company.
5. He has his work cut out for him
David Klein is taking the reigns of a company that has recently experienced a 63% decrease in its stock value. The reason for this price drop is because the cannabis market did not experience the growth that was expected after it became legalized in the country. There has been an up and down pattern wtih Canopy shares rising and falling, while Constellation Brands recently had a 1.4% drop. However, this is just proof of the volatility of the market and is not uncommon.
6. Analysts have high expectations for Canopy with Klein's leadership
An analyst recently made the educated assumption that Canopy has just made a very wise decision by bringing David Klein on board as the new CEO. He further ventured that Klein will bring about the needed changes that will move the leadership perspective from one of being visionary to an operational perspective of getting down to brass tacks and setting the company back on solid footing. The stocks had taken a downturn for various reasons, but upon news of the new leadership, the stock shot up by 14 percent. This is an indication of high confidence in Klein's leadership abilities before he has even assumed the post.
7. David Klein has 14 years of experience
Prior to his appointment as CEO of Canopy, he spent 14 years at Constellation. Klein has over a decade of experience in executive leadership and he understands the business that he is about to take over. Klein will work with the current CFO of Canopy, Mike Lee. The two had worked together previously at Constellation and they make a good team. They both operate from a strategic mode that involves professionalism and financial discipline which is unmatched in any sector. This is the reputation that they have established in their previous collaborations and it appears to be just what Canopy needs right now.
8. There probably won't be a transition period
When David Klein takes over as CEO it is expected that he will be prepared to hit the ground running so to speak. His connections with teh current CEO and the time that he has already spent as chairman have provided him with a great deal of insight into the inner workings. He's had ample time to assess what is working and what needs to be fixed. It is believed by most that the team is going to be able to bypass the typical transitional period that most new CEOs encounter and it will be a more efficient and effective changing of the guard.
9. Mr. Klein has some impressive skills
One of the reasons why so many are getting excited about Klein joining Canopy is because of his proven track record of success and impressive skill set. He is known for his successful management and leadership in the alcohol beverage industry and consumer packaged goods along with a strong financial orientation, his experience operating in regulated markets, which is a big deal, and he has also worked skillfully in regulated markets within Canada, the United States, Europe, and Mexico. He has experience in international dealings within an industry that is laden with complex regulatory statutes and he knows how to successfully navigate through them to accomplish company goals.
10. He's excellent at building consumer brands
Another strength that David Klein brings to Canopy is the ability to build consumer brands. One of the issues that have plagued Canopy from its beginning is the low demand for the cannabis products that it produces. The Canadian public is no stranger to cannabis use but they simply haven't purchased Canopy products in the volumes expected. What is sorely needed is leadership in building this as a consumer brand and then marketing the products effectively to the public.
11. He's an expert at mergers and acquisitions
David Klein has a lot of experience in mergers and acquisitions. If Canopy is to grow and expand, and increase sales, there is a chance that acquiring some of its competitors may be a part of the solution that helps the company to arrive there. Klein oversaw the mergers and acquisitions at Constellation so he is likely the best person for the job.
12. Klein is an award-winning leader
David Klein has built a solid reputation as a successful leader. When he served as CFO of Constellation, his skills and contributions to the betterment of the company were officially recognized. He was awarded the title of "best CFO" by Institutional Investor magazine three years consecutively.
13. Klein is excited about the challenges
David shared that he is about to embark on a new opportunity that will present an exciting challenge. it represents new market opportunities and he sees this as the chance of a lifetime. He believes that Canopy has the potential to experience tremendous growth as the new market continues to emerge and to expand. This is something that he is looking forward to experiencing and he brings positivity to the situation as he already has plans for turning the situation around.
14. David Klein has an advanced degree
Mr. Klein prepared for a career in advanced leadership by starting with a firm educational foundation. After graduating from high school he enrolled at classes at SUNY Geneseo. He studied in the field of economics and he earned his bachelor of arts degree in 1985. After completing his undergraduate degree he continued his education to seek a more advanced degree. David entered the State University of New York at Buffalo School of Management in 1986. He completed his MBA degree in 1988. The advanced degree helped him to prepare for a career in leadership by investigating current models in leadership and giving him an understanding of the various styles of management and leadership in business, along with problem-solving strategies.
15. He worked his way up the career ladder
After graduation, David still had to work his way up in the business world. Having a degree opened doors that otherwise would not have been available, but like most people, he had to start out in a lower position and work his way up. He was hired as an analyst at M&T Bank in 1986. He stayed with the institution for three years and gained a great deal of experience. His next position was as a Director of Finance at the Harris Corporation. He left his previous post at M&T Bank to take a job that offered him greater responsibility with better job advancement opportunities. He remained with the Harris Corporation for 8 years, leaving in 1997.
16. David Klein worked for Xerox
In September of 1997, the opportunity to work at the Xerox company in the mergers and acquisition division came up. Klein applied and was hired as Director, leaving Harris Corporation for the new opportunity. He worked for Xerox for 1 year and 8 months, leaving in April of 1999.
17. He founded his own company in 1999
Mr. Klein left Xerox in April of 1999 to establish his own company which he called NetSetGo. This was a business that provided professional services for other businesses in the small to medium size range. He served as the Chief Financial Officer from the time that it opened its doors for business until 2002. This was evidence that David Klein also has an entrepreneurial spirit.
18. He also worked for Montana Mills Bread Company
Klein has worked within a variety of different industries throughout his career. While still building his professional resume, he accepted a position as Chief Financial Officer for the Montana Mills Bread Company in 2003. He served as the CFO for one year before leaving to take a job at Constellation Brands in 2005. He started his 14-year career with the company as the Vice President of Corporate Development. In less than two years, he was promoted to the CFO of Constellation Europe, Ltd. where he gained experience working in heavily regulated markets dealing with international customers. He was charged with heavy responsibilities for ensuring that the company remained in compliance with the rules and regulations for each country that they conducted business with.
19. David Klein is embarking on a new journey
Klein's new assignment as the Chief Executive Officer of Canopy Growth is an adventure that holds the potential for yet more professional growth. This will be a proving ground as the company has failed to perform up to its anticipated potential. Although it is one of the largest cannabis products producers in Canada, sales of the goods manufactured have been slow. It is believed that the confidence of consumers has not been stimulated and it is Klein's belief that there is a brand new market that is ripe for the harvest if it is handled in the right way. he is looking forward to building the brand and promoting it to the public.
20. All eyes are going to be on David Klein
There will be a great deal of attention directed towards Canopy Growth and on David Klein when he officially assumes leadership of the firm. There is high anticipation for a turn-around as Klein has shown through his previous performance that he has the skills and knowledge to effect positive changes through a professional approach that is based upon taking definitive action, creating high-performance teams and guiding business in the right direction. There has been a need for change for some time at Canopy Growth and it is believed that Klein will deliver solutions to the current obstacles preventing success.
Written by Allen Lee
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