Radient Technologies Inc., a manufacturer of cannabinoid-based formulations and products, announces its Board of Directors is conducting a strategic review of the company’s operations, targeting a path to positive cash flow by evaluating costs and underutilized assets.
Radient will build on its recent successes in launching white label products and increasing its distribution to additional provinces. The review will address items that are strategic to the company’s operations and includes management changes.
The Board has named Jan Petzel as interim president and chief executive officer, effective immediately. Petzel has been a director since 2016 and has a comprehensive understanding of the company and a pragmatic view of the priorities that need to be addressed.
Petzel was a managing director in the Merchant Banking Division of Goldman Sachs, ultimately responsible for private credit in Germany and Scandinavia. While at Goldman Sachs, Petzel served on the board of several successful companies including Cognis GmbH, a worldwide supplier of specialty chemicals and nutritional ingredients, up to its sale to BASF for €3.1 billion in 2010.
He holds an MBA from Harvard Business School, a Master of Engineering from the Swiss Federal Institute of Technology and was a Visiting Scholar at the Massachusetts Institute of Technology.
Denis Taschuk will step down as president, CEO and director of the company for family reasons, effectively immediately. He will continue as advisor to the board to facilitate the transition to a new CEO.
Taschuk has been instrumental in leading Radient to become a significant company in the cannabis industry, and the Board wishes to thank Taschuk for his contribution and tireless efforts over the last 10 years.
Mike Cabigon will step down as chief operating officer and director of the company to pursue other interests, effective immediately. Cabigon was instrumental in the company’s pivot into the cannabis industry in 2016, and the Board thanks him for all his contribution over the years and wishes him well in his future endeavors.