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).

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...