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Shakeup In Neptune Wellness Executive Suite During Earnings And Share Price Washout

 
• By Malcolm Spicer

“In recent years, this stock has performed terribly,” Wright Investors analysts note after Neptune Wellness receives notification Nasdaq would delist its common shares because share price closed below $1 for 30 consecutive trading days. Firm puts “employees, including certain key executives, on mandatory unpaid leave of absence.”

• Source: Shutterstock

Neptune Wellness Solutions Inc.’s CEO recently stepped down after he was among “certain employees” the plant-based health and wellness consumer packaged goods manufacturer put on unpaid furlough in a “rapid cost-cutting and restructuring effort” after its latest quarterly net revenues dropped $3m.

Michael Cammarata, who had led Neptune Wellness since 2019, resigned on 4 March, about a week after the Canadian firm announced it put “employees, including certain key executives, on mandatory unpaid leave of absence” due to “ongoing financial concerns

Interim CEO, COO Named

Neptune Wellness named board member Michael De Geus interim president and Cedrick Billequey interim chief operating officer while continuing as general manager of its Biodroga Nutraceuticals Inc. nutraceuticals brand subsidiary.

De Geus has been a board member since 2020 and is a member of the board’s restructuring committee formed after Cammarata’s resignation. He has almost 20 years’ domestic and international safety, protection and entrepreneurship experience, including 12 years with the US Secret Service providing the opportunity to become an expert in the art of protection and problem solving where he focused on safeguarding people, places and things all over the world, Neptune Wellness said on 8 March.

De Geus founded Leatherback Gear personal protection systems and HERO Beverage Co. with the goal of “helping everyone remain operational,” benefiting first responders, military service members and others.

Billequey has been leading Biodroga more than three years as the business Biodroga expanded its client portfolio and became profitable

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