Plus Products Inc. Chief Financial Officer Jon Paul will retire at the end of June, and Nate Pearson, current vice president of finance, will serve as his successor.
Following his retirement, Paul will continue in an advisory role to ensure a smooth transition for Pearson, who is expected to be officially appointed on or around July 1.
Paul has been a critical member of the PLUS team for over two years. He was appointed as CFO in April 2019 after spending a year in an advisory role with the company, which included helping PLUS through the process of going public through a direct listing IPO in October 2018.
“Jon has played an integral role in our organization since the day he joined,” said Jake Heimark, co-founder and CEO. “The financial and regulatory environments in our industry remain extraordinarily complex, and Jon has built the infrastructure and relationships that we believe will enable PLUS to succeed for years to come. It has been a pleasure to work with him for the past few years, and I am grateful he will continue working closely with the Company moving forward.”
Paul said it has been “a joy” to be part of the PLUS Products management team over the last two years.
“I am proud of the finance team we built and grateful for the terrific external advisors that helped us along the way,” he said. “Together, we overcame many obstacles, including going public as a company with U.S. cannabis operations, completing several rounds of financing, streamlining our banking solutions, and resolving complex organizational, tax, and insurance matters. As a shareholder, I am excited about the prospects for PLUS and know that the finance organization is in good hands with Nate.”
Pearson has significant experience operating within the finance departments of companies in emerging and heavily regulated industries. Following his time at Ernst & Young, Pearson worked at Tesla Motors as a senior financial analyst and at Lagunitas as the director of financial planning and analysis, before ultimately joining PLUS in his role as vice president of finance.
“Nate has done an excellent job during his time at PLUS, which includes playing a key role in the recent restructuring that led to an 85 percent reduction in the company’s cash burn from Q4 2019 to Q1 2020,” Heimark said. “While it is never easy to lose an executive of Jon’s quality, we are thankful that his shoes will be filled by someone just as capable.”