By Olive Lundegaard
Aurora CEO Terry Booth stepped down, announcing his “retirement,” as well as nearly 500 layoffs within the company. Booth’s departure makes Aurora the latest in a pattern of Canadian cannabis companies to change leadership as costs rise and sales fall, prompting concern from investors, including Canopy Growth, Aphria, Supreme Cannabis, and Sundial Growers.
Booth helped build the Aurora from the ground up in 2013 to become one of the biggest cannabis companies in the world. Booth invested C$2.5 million in the startup, and the value of his holdings in the company totaled approximately C$159 million as of June 2019. However, Aurora has seen disappointing results as of late, as stocks have plunged 74%.
Executive Chairman Michael Singer will take over as interim Aurora CEO. Singer has been on the board of Aurora since May 2016 and was named executive chairman in 2019.