Tim Conder, interim CEO of marijuana multistate operator Tilt Holdings since April, has been given the job on a permanent basis.
Since taking the interim post after Gary Santo resigned, Condor has aimed to put the Phoenix-based company on a path to profitability.
He has initiated significant cost reductions and reevaluated brand partnerships – including cutting ties with some social equity brands – while shifting focus to the cannabis company’s vape hardware business.
“When I took the interim CEO role, the company was cash-consumptive, really in an environment where that doesn’t make a lot of sense,” Conder told MJBizDaily earlier this month.
“Our immediate priorities were to reduce our cost structure and our expenses and increase operational efficiencies to ultimately achieve profitability.”
Art Smuck, Tilt’s newly appointed board chair, said in a news release that “Tim has been instrumental in bringing financial discipline to Tilt, and since being appointed Interim CEO, we believe he has already made significant headway in strengthening the company’s operations and financial position.”
“The board has every confidence in Tim’s leadership and ability to continue executing the company’s refined business strategy and build a foundation for profitable growth in 2024 and beyond.”
Smuck, who served as chief operating officer of California-based Herbl for three years until he retired in June 2022, succeeds John Barravecchia.
Barravecchia will remain a director and chair the Audit Committee.
It’s Conder’s second stint as a Tilt executive since 2019, though he’s remained on the board.
His previous roles at the company included president and COO.