Flora Growth named Elshad Garayev as its CFO and elected Brandon Konigsberg to its board of directors.
Garayev joins the company with more than 25 years of experience in finance, specifically in developing and implementing accounting and reporting policies and finance teams, according to a company release. He has served in a range of financial leadership roles at companies including Amazon, Boeing BP and RPK Capital, according to the release.
“I am very excited to join Flora and to becomes its chief financial officer,” Garayev said. “As one of the largest cultivators licensed by the federal government of Colombia, their robust portfolio of brands and the future of research in the space, Flora presents a truly amazing opportunity to lead the global cannabis supply chain. Through financial discipline, transparency and industry-leading reporting practices, I believe Flora will lead the way for the next generation of cannabis companies.”
In his new role, Garayev will be responsible for financial control and governance, cash management, and will assist in executing the company’s strategy to drive profitable growth while enhancing shareholder value, according to the release.
Garayev will officially assume the role of CFO following the company’s filing of its mid-year financial results. Until then, he will serve as vice president of finance while current CFO Lee Leiderman transitions into an advisory role.
“Mr. Garayev is a deeply talented and experienced individual, and I am thrilled to welcome him to the Flora team at this exciting time in the company’s evolution,” said Luis Merchan, chairman and CEO for Flora Growth. “As Flora seeks to establish itself as a global leader in cannabis, adding someone of his caliber will further strengthen our position. On behalf of both our executive leadership team and board of directors, I want to personally thank Mr. Leiderman for his commitment and service to Flora through an incredible growth phase for the company. He has played an important role in setting the foundation for our future success, and we look forward to continuing to work with him in his new capacity.”
Also joining the company in a new capacity is Konigsberg. In addition to being elected as a board member, Konigsberg will also serve as chair of the company’s audit committee and as a member of the compensation committee.
“I am excited to be joining Flora’s board of directors and look forward to assisting the management team as the company continues to make progress on its strategic financial plans,” Konigsberg said. “As an executive and entrepreneur operating for many years in finance and treasury, I look forward to taking on challenges and opportunities that lie ahead for our board and the Flora organization.”
Konigsberg joins Flora Growth with 24 years of experience at JP Morgan Chase, where he most recently served as an executive. In his new roles at Flora Growth, he will be responsible for driving global expansion growth for the company, according to the release.
“The addition of Mr. Konigsberg to our board is further testament to our ongoing commitment to fiscal discipline and sound governance,” Merchan said. “He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize shareholder value.”