Vitura Health chief executive Rodney Cocks will exit the company at the end of June, admitting the “time is right” for a leadership change.
Cocks will leave at the end of the financial year after six years in the role. He will also step down as a director of the company although he will remain a major shareholder.
A recruitment process is underway to replace Cocks with chief financial officer Tom Howitt stepping into the CEO role on an interim basis.
In a statement to Cannabiz, Cocks conceded it was a hard decision to step away. Vitura has been among the “pioneers” of Australia’s cannabis industry, he said.
“While it was both a difficult decision and one I have reflected on for some time, I feel like the time is right to pass the CEO baton to the next leader to take Vitura into its future phases of growth,” he said. “As a co-founder of the company I will also be leaving the industry.
“As I think about the last six years in the role, it is rare for a CEO to be able to say that they have been able to build both a company and be part of creating an industry simultaneously.
“We, and a handful of others, have been pioneers in medicinal cannabis in Australia, which is now impacting the lives of hundreds of thousands of patients nationally each day.”
Cocks said he was “very proud” of the achievements of Vitura, which, under its previous name of Cronos Australia, listed on the ASX in 2019 before acquiring CDA Health in 2021. Cronos rebranded as Vitura in early 2023.
Cocks also singled out the acquisition of Doctors on Demand, the development of the CanView platform and the sale of more than two million products as major triumphs, while the establishment of the Cortexa psychedelics JV, the launch of the Adaya product range and the commissioning of the Melbourne Distribution Centre were also major milestones.
“These achievements delivered market-leading returns to shareholders,” Cocks said.
“Looking at the last two-and-a-half financial years from the start of FY22 as CEO, Vitura turned over close to A$250 million in revenue that delivered nearly $25m in net profits after tax. This allowed the company to return about $12m in full-franked dividends to shareholders – which was an Australian first for an ASX-listed medicinal cannabis company, possibly a first globally.”
But his tenure has not been without its dramas, notably hostilities with a former director of CDA Health, Ben Jansen. The board has also struggled to rejuvenate the share price which, along with other ASX-listed cannabis stocks, has continued to struggle.
Nevertheless, Cocks said he was “excited for the future of the industry” as it continues to evolve.
“The growing pains seem to be getting resolved, cannabinoid therapies are definitely being mainstreamed, and like any maturing industry with the number of players, clinics and products in the market, consolidation is inevitable in the coming months and years,” he told Cannabiz.
Thanking the “amazing” Vitura staff, he added: “You deliver in so many ways for our patients, prescribers, pharmacies and suppliers each and every day.
“Also to the industry leaders I consider colleagues and friends, thank you for the support and I look forward to watching you continue to propel the industry forward.”
Recently appointed Vitura chair Robert Iervasi praised Cocks for his “contribution and commitment”.
“Rodney’s transition provides the board with an opportunity to also finalise the company’s future strategy for FY25 and beyond, details of which will be presented to shareholders in the coming weeks,” he added.
