Weekend Unlimited Inc (CSE:POT) (OTCMKTS:WKULF) announced Wednesday that Chris Backus will be the interim president and CEO of the company.
Backus, who sits on the board of directors, is stepping in to lead the Canadian cannabis company effective immediately, after Paul Chu announced he is stepping down.
Shares jumped more than 11% to C$0.10 in Toronto and slid 4.8% to US$0.06 on the OTC Markets.
''On behalf of the board of directors, we wish Paul Chu the best in the future and thank him for applying his consumer-packaged goods knowledge toward the development of the company's new wknd! brand product line,'' said Weekend Unlimited director Kevin Ernst in a statement. ''We are excited to move forward with Chris in position to lead the company to its full potential; he will be primarily focused on delivering results for our shareholders.''
Backus, who joined the company’s board in April, has a background in negotiation as a former senior officer with the Royal Canadian Mounted Police and as a strategic advisor to peacekeeping operations in Ivory Coast at the United Nations.
Weekend Unlimited recently underwent a brand identity redesign and unveiled a new wknd! product line.
''I am energized to accept this leadership role with Weekend Unlimited,” Backus said. “Working with the board and the team, my focus is entirely toward harnessing the company's assets to deliver results for shareholders. This means an immediate mandate to execute on ready-to-go initiatives that will drive revenues while building strong consumer awareness of the company's brands.”
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