THC Global has announced the immediate departure of CEO Ken Charteris after two years in the role.

Ken Charteris - Cannabis Australia - Cannabiz
THC Global CEO Ken Charteris: stood down with immediate effect

The move is part of a restructure of senior management and a strategic and operational review focused on revenue generation, cost control and maintaining capital reserves.

Charteris held a number of senior positions with the company before being named CEO in July 2018. During his tenure he played a key role in acquiring THC’s manufacturing facility in Queensland.

CFO Jarrod White will take on the CEO role in an acting capacity while a global search gets underway for a permanent replacement. Former head of corporate strategy Sonny Didugu takes the new role of group chief operating officer.

Despite revenues increasing 63% to $3.5 million in H1 2020, the company said it needs to tighten its capital expenditure given the market uncertainty caused by Covid-19.

THC shares fell by more than 10 per cent on the news and are trading at 20.5 cents at the time of writing (1.55pm AEST).