Medicinal cannabis producer MMJ PhytoTech (ASX:MMJ) has announced the Chief Executive Officer of its 100 per cent owned Israeli-based subsidiary PhytoTech Therapeutics, Dr. Daphna Heffetz, will step down after the company said it no longer needs a CEO.
She will remain in her current role until 31 December 2017, with the company’s current Chief Operating Officer Catherine Harvey to take the lead of the company’s research and development initiatives when Dr. Heffetz leaves.
The company said the requirement for a full-time CEO is no longer needed with the depth of experience of other employees at the company, and said Dr. Heffetz was greatly valued in the company.
Catherine Harvey will oversee daily operations with full-time support from the Vice President of Research and Development, Dr. Hagit Sacks, who has more than 15 years’ experience in pharmaceutical science and R&D.
The company said its clinical trials are progressing well.
Shares in PhytoTech Therapeutics (ASX:MMJ) are trading 4.21 per cent lower to 46 cents.