iAnthus Capital Holdings, Inc. announced that Immediately prior to closing the Recapitalization Transaction, the Board was comprised of eight directors with five vacancies. In connection with the closing of the Recapitalization Transaction, effective as of June 24, 2022, each of Michael Muldowney, Diane Ellis and Robert Galvin resigned from the Board as well as the audit committee, nominating and corporate governance committee and compensation committee of the Company, as applicable. Michael Muldowney's, Diane Ellis' and Robert Galvin's resignations were not the result of any disagreement with the Company, any matter related to the Company's operations, policies or practices, the Company's management or the Board. Pursuant to the terms of the Plan of Arrangement, the Secured Lenders had the right to nominate three directors to the Board and the Consenting Unsecured Debentureholders had the right to collectively nominate three directors to the Board as set forth above. The Secured Lenders nominated Scott Cohen and Michelle Mathews-Spradlin, two of their three nominees to the Board effective as of June 24, 2022, and the Consenting Unsecured Debentureholders nominated Zachary Arrick, Alexander Shoghi and Marco D'Attanasio, all three of their nominees to the Board effective as of June 24, 2022. The foregoing five directors will serve as directors of the Company (the “New Board”) until the Company's next annual general meeting of shareholders or until their successors are duly elected or appointed. Scott Cohen has over 25 years of professional investment experience, including public and private debt and equity securities. Mr. Cohen is currently a consultant to financially troubled companies and stakeholders, and an active investor in turnaround opportunities. Until 2017 Mr. Cohen was with Silver Rock Financial, a large family office, investing in debt and equity investments. Responsibilities included sourcing of both public and private debt, structuring debt securities and loans, and leading activist and restructuring transactions. Prior to Silver Rock Financial, Mr. Cohen was Managing Director and Portfolio Manager at Cerberus Capital Management. At Cerberus, Mr. Cohen's responsibilities included analyzing, investing, and managing of a portfolio of primarily distressed assets. Most of these investments involved activist or control roles, from leading creditor committees to initiating negotiations with borrowers in restructurings. Mr. Cohen also worked closely with the private equity team at Cerberus on several large transactions, focusing on liability management within portfolio companies. Prior to joining Cerberus, Mr. Cohen worked in Merrill Lynch's distressed debt trading group from 1992 to 1998, analyzing and investing in distressed corporate situations. From 1990 to 1992 he was an investment banker in Merrill's High Yield Finance and Restructuring Group. Mr. Cohen is a 1990 graduate of Tufts University. The Company believes Mr. Cohen is qualified to serve as a director of the Company because of his experience and background in both private equity and capital markets. Michelle Mathews-Spradlin
From 1993 until her retirement in 2011, Michelle Mathews-Spradlin worked at Microsoft Corporation, where she served as Chief Marketing Officer and previously held several other key leadership positions. Prior to her employment with Microsoft, Ms. Mathews-Spradlin worked in the United Kingdom as a communications consultant for Microsoft from 1989 to 1993. She also held various roles at General Motors Co. from 1986 to 1989. As the CMO and SVP of Microsoft, Ms. Mathews-Spradlin oversaw the company's global marketing function, including the household brands of Windows, Office, Xbox, Internet Explorer and Bing. Ms. Mathews-Spradlin led Microsoft's consumer and business-to-business marketing to hundreds of millions of global customers. She was instrumental in driving the growth of Microsoft's global business by building several of the world's leading technology brands. As the most senior woman at Microsoft, she was also a strong advocate for female advancement and personally spearheaded the company's network and mentoring program for female progression at the company. She retired from Microsoft in 2011, after 22 years. Ms. Mathews-Spradlin currently serves on the board of The Wendy's Company and in addition serves as a board member of several private companies, including Jacana Holdings Inc., The Bouqs Company and You & Mr. Jones. She is also a digital advisory board member for Unilever PLC, a member of the board of trustees of the California Institute of Technology and a member of the executive board of the UCLA School of Theater, Film and Television. The Company believes Ms. Mathews-Spradlin is qualified to serve as a director of the Company because of her experience in senior leadership and C-suite positions. Zachary Arrick is a Senior Research Analyst at Senvest Management LLC, a private investment management firm headquartered in New York City. Mr. Arrick joined Senvest in 2013. From 2007 to 2013, Mr. Arrick worked at Morgan Stanley in San Francisco and New York City, and JMP Securities in San Francisco. Mr. Arrick holds a Bachelor of Arts degree in Economics from the University of Pennsylvania. The Company believes Mr. Arrick is qualified to serve as a director of the Company because of his experience and background in finance.