The board of directors at Tilt Holdings Inc. (NEO: TILT) (OTCQB: TLLTF) decided this week to quit looking for a new CEO and simply appointed interim chief executive Tim Conder to hold the position in a permanent capacity.
Conder has served as interim CEO since April, when his predecessor Gary Santo departed the company. Prior to that, Conder was a member of the board of directors. He also served as chief operating officer at Tilt from July 2019 to November 2020.
“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,” said newly minted Tilt Board Chair, Art Smuck, in a statement.
“This includes implementing cost-cutting measures across the organization and making strategic shifts to the company’s business model and approach to brand partnerships,” Smuck said. “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 took the chairman mantle this week, replacing former chair John Barravecchia.
Conder’s resume prior to joining Tilt also includes founding cannabis ancillary company Blackbird Logistics in 2015, and was also chief technology officer at California distributor Herbl prior to its collapse earlier this year.
So far under Conder’s watch in 2023, Tilt posted a net loss of $26.9 million in its second quarter and made headlines for cutting ties with social equity brands and called off a partnership with New York Native American tribe the Shinnecock Nation.