The latest debacle in a turbulent year for Hightimes Holding Corp. comes in the form of a change of leadership at the executive level. Through a post on the official Instagram account for High Times on Thursday, it was announced that Peter Horvath had been named the company’s new CEO.
Horvath, a retail industry vet, brings with him extensive experience in retail and e-commerce, including stints with Victoria’s Secret, American Eagle Outfitters, DSW and cannabis firm Green Growth Brands, according to the post.
“We are pleased to welcome Peter to the High Times family, and to be able to tap into his wealth of experience capitalizing on major consumer brands. There are few executives with his retail experience in the mainstream world and, up to this point, none in the cannabis world with such an accomplished background,” Hightimes Holding Corp. Executive Chairman Adam Levin said in a press release.
“High Times is a unique brand with an important and rich heritage that deserves amplification and broader reach,” said Horvath. “I think of brands like Glossier, who first earned high affinity followers through compelling and relevant content, and then demonstrated that you can also serve their followers through commerce. So, it’s been done before, I wouldn't suggest that it will be easy, but we have all the resources to succeed. I look forward to joining Adam’s accomplished team at High Times, and I am intent on understanding, protecting, and building on the High Times legacy.”
The personnel shake-up comes as the previous CEO, Stormy Simon, had spent only a few weeks in the role. Simon acted as president for Overstock.com prior to taking up the position in January after Kraig Fox, formerly of Dick Clark Productions, quit last year on Christmas Eve after only nine months on the job.
Stormy Simon is out as CEO of High Times, replaced by Peter Horvath -- who recently stepped down as CEO of struggling Green Growth Brands— Diana Novak Jones (@dhnovak) May 6, 2020
Simon, who stepped down after merely four months on the job, announced on The High Ground podcast a planned run for Congress as a Democratic, pro-cannabis candidate in the Utah primary. Whether the decision to leave High Times was related to political ambition remains unknown. Neither Simon nor High Times were available for comment and while press releases regarding the campaign announcement are still accessible, the podcast episode itself appears to be removed.
The press release of High Times regarding the CEO change simply read: “Stormy Simon will step down as Chief Executive Officer.”
“The team and I would like to thank Stormy for all of her hard work in getting us through this transition period, and we are excited to have her continue working with us on this mission to grow High Times into all the business areas it helped create,” Levin said.
Hightimes Holding Corp. has been going through a series of tumultuous situations recently. One of the most notable being in last December, when the company told the New York Post that “because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the company’s ability to continue as a going concern for one year from the issuance of the financial statements.”