The management and leadership of an organization
The management and leadership of an organization
The management and leadership of an organization determine its success or its failure. CannTrust Holdings, Inc.’s management was the cause of its downfall and scandals surrounding it today. The management resulted in the development of decisions that affected the organization, directly and indirectly, leading to its reputation and the lawsuit. As a large organization, CannTrust Holdings Inc. has always been run professionally with a team for management purposes and a board of directors The management and leadership of an organization.
ORDER A PLAGIARISM FREE PAPER NOW
During the downfall of CannTrust Holdings Inc., the management team consisted of several leaders. The Chief Executive Officer at the time was Peter Aceto. Aceto has held the highest position within the organization, which means he was the overall leader. As the senior-most leaders, he required help from a team. Dealing with medical cannabis, the company needed several positions to deal with each department. Greg Guyatt was the Chief Financial Officer (CFO). As a CFO, his leading role was to deal with finances, such as approving financial projects. The management and leadership of an organization The Chief Medical Officer was Dr. Len Walt. Dealing with sales and marketing was Bernard Yeung, who was the SVP. As a company dealing with the sale of cannabis products, a sales department is relevant to ensure the products developed have a receptive market, typically the sales and marketing leader’s responsibility. The SVP, Global Investments, and Partnerships were Ian Abramowitz, whose primary responsibility was dealing with the global environment and partnerships. Adam Jerusalem was the vice president (VP), international investments, and partnerships. To ensure quality was the VP, the quality was Andrea Kirk. Chris Lucky was the VP in charge of supply chain and manufacturing. The management and leadership of an organization Dr. Ilana Platt was the VP of innovation and global regulatory affairs, while the VP of innovation was Jeffrey Zietlow (2018 ANNUAL REPORT. Canntrust.com.). The VP of finance was Joel Fridman. The leader in charge of information technology (IT) was Rob Schenkel. Michael Camplin was the VP of global asset management and expansion. These are the central positions within the CannTrust Holdings Inc. that have left the company triumphant and also in charge of the downfall resulting in its underperformance. The collaboration between these leaders has brought the organization to a global scale in terms of its profitability The management and leadership of an organization.
The management of a company needs an overseer, usually the board of governance; the board of directors. The board of directors was made of several persons. The chairman and director were Eric Paul. This position is usually held by an individual who has sufficient knowledge about the industry to help steer the organization in the right direction. As the chairman and director, Paul had at least 40 years of experience working in the healthcare industry as a business executive. Before taking this position, Paul served as the CEO of CannTrust and served as its special advisor. The vice-chairman was Mark Litwin. He served as president of Gencan Capital Inc. He also was the vice president of Mar-risa Holdings Inc. Litwin was a former president and director of Duncan’s predecessor organizations. The director was Mark Dawbwe, FCOPA, FCA. While at Moore Stephens Hyde Houghton, Dawber served as a former audit partner. He had adequate experience in the director’s position, where he had previously served as an independent director and a member of the governance committees. When it was underperforming, other directors within the organization were Robert Marcvitch, Shawna Page, and John Kaden. Stan Abramowitz, CPA, CA, was the secretary who had acquired tremendous experience having worked within the accounting department for over thirty years. The management and leadership of an organization This team oversaw the management team’s operations during the year when CannTrust Holdings Inc. began underperforming.
Evaluation
For an organization to be successful in all its operations, the management team needs to develop appropriate departments’ decisions to ensure those working in the organization are motivated. This management team’s performance and the board of directors were not effective, so the firm has lost value due to the scandal’s development. The effectiveness of the board of directors was lower since the firm landed into lawsuits and multiple investigations. The management is responsible for the decisions made that have seen different Canadian agencies investigate company products’ growth and storage, and these operations are believed to be illegal. The decision to grow and store these products illegally came from the management team. Health Canada is one of the organizations investigating CannTrust Holdings Inc. and how it has violated some operational regulations like unlicensed growing (Subramaniam, 2019).The management and leadership of an organization The decisions to grow illegally without acquiring a license came from the management team. His saw the company’s license revoked for more than a year, which affected its productivity. The scandal saw the CEO Peter Aceto fired and the chairperson of the board of director Eric Paul resign with immediate effect pending investigations. The failure of the management team can be attributed to the board of directors. According to Valentine & Stewart (2013), one role of the board of directors is the monitoring and controlling the company’s functions. In this case, the board had failed in its monitoring and control function, which resulted in the scandals. Since then, the board of directors and the management team have changed tremendously with efforts to change the management skills and make the organization more successful. The management team has a new CEO Greg Guyatt and a post of a chief regulatory officer who is expected to report to the board of directors. This addition as meant to ensure the company meets all regulations that saw it have a scandal in the first place. Based on this evaluation, it is evident that an organization’s success depends on the management team and the board of directors The management and leadership of an organization.
References
Valentine, E. L., & Stewart, G. (2013). The emerging role of the board of directors in enterprise business technology governance. International Journal of Disclosure and Governance, 10(4), 346-362.
2018 ANNUAL REPORT. Canntrust.com. (2021). Retrieved 15 March 2021, from https://canntrust.com/wp-content/uploads/2019/05/2018_CannTrust_AnnualReport.pdf.
Subramaniam, V. (2019, August 21). More CannTrust personnel depart as changes at the company continue after Health Canada violations. financial post. https://financialpost.com/cannabis/more-canntrust-personnel-depart-as-changes-at-company-continue-after-health-canada-violations The management and leadership of an organization.
