AusCann Group Holdings (ASX:AC8,OTCQX:ACNNF) announced a board renewal process in the lead up to its “next stage of its growth and development as a cannabinoid focused pharmaceutical company.”
As quoted in the press release:
As a part of this renewal, AusCann Chairman Dr Mal Washer and Independent Non-Executive Director Mrs Cheryl Edwardes have each advised the Company they will not be seeking re-election at AusCann’s upcoming 2019 Annual General Meeting. Dr Washer has today retired as Chairman and a Director of AusCann.
The AusCann Board has commenced a process to appoint new directors including an Independent Chairman. Mrs Edwardes has agreed to act as Interim Chairman to assist the AusCann Board with the selection and appointment process before the expiration of her current term on 19 January 2020. As part of this process, the Board will include the appointment of a suitable nominee from AusCann’s largest shareholder, Merchant Funds Management.