CHICAGO--(BUSINESS WIRE)--Cresco Labs (CSE:CL) (“Cresco” or “the Company”), one of the largest vertically integrated multistate cannabis operators in the United States, today announced the appointment of Tom Manning as Chairman of the Board of Directors. Mr. Manning joined Cresco’s board in 2016, three years after the Company’s inception in 2013. Today, Cresco’s nine-member board includes six independent directors with renowned careers in public company governance, international business law, finance, audit, education and real estate.
“I am honored to be appointed Chairman of the Board of Cresco Labs and to work with this tremendously talented and accomplished group of business leaders,” said Mr. Manning. “From the founders’ initial vision to normalize and professionalize cannabis, all the way to becoming a publicly traded company in 2018, management and our board’s interests have been closely aligned with our customers and patients, shareholders, regulators and legislators. As Cresco Labs continues to grow and expand, our board will remain true to Cresco’s core company values which are high corporate governance standards, integrity, longevity, fiduciary responsibility and sustainable shareholder returns.”
Tom Manning serves as CEO of Dun & Bradstreet, a leading global corporate information provider and data analytics company. He joined the company in 2013 after working in Asia for nearly 20 years in a variety of CEO roles in the information technology, consulting, and private equity sectors for firms such as Capgemini, Ernst & Young, and Cerberus.. He was also a senior partner with Bain & Company, where he led the global IT practice in Silicon Valley and Asia. He began his career at McKinsey & Company, where he launched the firm’s medical device and health care practice.
Mr. Manning has served on numerous public and private boards and is currently an independent director of CommScope Holdings, a leader in the telecommunications technology field, and Clear Media, a leader in outdoor advertising in China. Recently named a 2019 Fellow in Harvard University’s Advanced Leadership Initiative, he is focusing on developing new solutions to income inequality in American society. He is also an executive-in-residence at the Booth School of Business and a lecturer in law on the adjunct faculty at The University of Chicago Law School, where he has taught courses on corporate governance, private equity and innovation. Mr. Manning speaks Mandarin and holds an MBA from Stanford Graduate School of Business and a bachelor’s degree from Harvard College. He also chairs the board of the Chicago Philharmonic Orchestra, the official orchestra of the Joffrey Ballet.
A patent-holder and noted speaker on China, corporate governance, and globalization, Mr. Manning has been published, quoted, or profiled in various media, including Chief Executive, CNBC, Industry Week, NPR, IHT, Business Week, Financial Times, WSJ, South China Morning Post, Journal of Private Equity, and Pepperdine Law Review.
Charles Bachtell, CEO and cofounder of Cresco Labs, commented, “Put very simply, Tom has an amazing career and education history that are assets to our Company. We are honored to benefit from his expert leadership, keen intellect and deep knowledge of the trends driving the business economy in the 21st century. As we grow, we intend to round out our distinguished board with well-recognized influencers in important disciplines including consumer packaged goods and marketing.”
Cresco Labs’ board of directors has two officers of the company serving on the board - CEO and cofounder Charles Bachtell and President and cofounder Joe Caltabiano. Three other company cofounders serve on the board - Brian McCormack, Robert Sampson and Dominic Sergi.
Cresco Labs Board of Directors:
Tom Manning, Chairman of the Board
Chief Executive Officer of Dun &
Bradstreet
Gerald Corcoran
Chairman of the Board of O'Brien & Associates, LLC
Brian McCormack*
Founder and Director of InnerWorkings
Randy Podolsky
Principal of Podolsky Circle CORFAC International
Robert Sampson*
Chief Executive Officer of Bemortgage
Dominic Sergi*
Chief Executive Officer, Clear Height Properties
John Walter, Ph.D.c
Former President and COO of AT&T and former
Chairman,
President and CEO of R.R. Donnelley & Sons Company
* Indicates Cresco Labs cofounder
About Cresco Labs:
Cresco Labs, based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. As a differentiated grower, processor and retailer of premium cannabis operating in seven states, the company focuses on entering highly regulated markets with outsized demand potential and high barriers to entry. Its impressive speed-to-market gives Cresco a distinct competitive advantage as it replicates its model to expand its national footprint. Cresco’s proven ability to execute is complemented by a cutting-edge brand strategy spearheaded by several of the brightest minds in consumer marketing in the nation. Cresco’s products are tailored to all major consumer segments: everyday cannabis, medicinally focused, connoisseur grade, and chef inspired edibles by James Beard Award-winning pastry chef Mindy Segal. Learn more about Cresco Labs at crescolabs.com.
Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the company’s CSE Listing Statement filed with SEDAR; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco’s shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.