Vitura Health chief executive Rodney Cocks has announced his departure from the company, effective at the end of June, saying the timing is right for new leadership to take the helm.
Cocks will wrap up six years in the role at the close of the financial year. Along with stepping down as CEO, he will vacate his director position, though he intends to remain a significant shareholder in the business.
The company has launched a search for his permanent successor, with chief financial officer Tom Howitt taking on the CEO responsibilities in an acting capacity in the meantime.
In a statement, Cocks acknowledged the decision had not been easy. Vitura has been among the "pioneers" of Australia's cannabis industry, he said.
"While it was both a difficult decision and one I have reflected on for some time, I feel like the time is right to pass the CEO baton to the next leader to take Vitura into its future phases of growth," he said. "As a co-founder of the company I will also be leaving the industry.
"As I think about the last six years in the role, it is rare for a CEO to be able to say that they have been able to build both a company and be part of creating an industry simultaneously.
"We, and a handful of others, have been pioneers in medicinal cannabis in Australia, which is now impacting the lives of hundreds of thousands of patients nationally each day."
Cocks said he was "very proud" of what Vitura had accomplished. The company, formerly known as Cronos Australia, joined the ASX in 2019 and went on to acquire CDA Health in 2021, before rebranding as Vitura in early 2023.
He pointed to the acquisition of Doctors on Demand, the development of the CanView platform, and the sale of over two million products as standout accomplishments, while the formation of the Cortexa psychedelics JV, the Adaya product range launch, and the opening of the Melbourne Distribution Centre also featured among the key milestones.
"These achievements delivered market-leading returns to shareholders," Cocks said.
"Looking at the last two-and-a-half financial years from the start of FY22 as CEO, Vitura turned over close to A$250 million in revenue that delivered nearly $25m in net profits after tax. This allowed the company to return about $12m in full-franked dividends to shareholders – which was an Australian first for an ASX-listed medicinal cannabis company, possibly a first globally."
His time leading the company was not without friction, including a public dispute involving former CDA Health director Ben Jansen. The board has also faced an uphill battle on the share price front, with Vitura's stock continuing to underperform alongside other ASX-listed cannabis companies.
Still, Cocks said he was "excited for the future of the industry" as it continues to evolve.
"The growing pains seem to be getting resolved, cannabinoid therapies are definitely being mainstreamed, and like any maturing industry with the number of players, clinics and products in the market, consolidation is inevitable in the coming months and years," he said.
Paying tribute to Vitura's workforce, which he described as "amazing," he added: "You deliver in so many ways for our patients, prescribers, pharmacies and suppliers each and every day.
"Also to the industry leaders I consider colleagues and friends, thank you for the support and I look forward to watching you continue to propel the industry forward."
Newly appointed Vitura chair Robert Iervasi commended Cocks for his "contribution and commitment" to the business.
"Rodney's transition provides the board with an opportunity to also finalise the company's future strategy for FY25 and beyond, details of which will be presented to shareholders in the coming weeks," he added.
