Julian Chick has resigned as chairman of Cann Group, with long-time director Doug Rathbone stepping into the role on a temporary basis.
Chick, who joined the board in October 2022 and became chair in August the following year, will leave with immediate effective.
The company blamed his heavy workload for his decision to step down.
“Julian’s workload in his full-time executive role at [nerve repair specialist] ReNerve Limited has expanded considerably and requires frequent international travel, such that he does not have capacity to dedicate to the role of chair of Cann Group at the current time,” it said.
“Julian has been a valuable member of the board… and has provided excellent support to Jenni Pilcher as CEO. The board wishes Julian all the very best success in his expanded and demanding role.”
Cann group said Chick has agreed to be available for a handover to a new chair “as required” and said “several suitable external candidates” have been identified.
Rathbone, a director since March 2015, will take over on an interim basis.
Chick’s departure comes at a troubling time for Cann Group as it strives to raise short-term capital.
It told the ASX last week that it has “several funding options available”.
Chick told shareholders at the AGM in November that he was “committed to delivering a positive and prosperous future for Cann”.
Update (February 11, 2025): National Australia Bank (NAB) has agreed to extend the maturity dates of Cann’s construction loan and working capital facility from May 31 to September 30, 2025.
In November, NAB agreed to the capitalisation of a further two quarters of interest payments totalling around A$1.8 million for the loan.
The next payment will now be due in August. Last month, Cann said it was hoping to extend the repayment date until “some time in 2026”.
