Chicago-based Cresco Labs announced that Ken Amann, who has been the company’s chief financial officer since 2015, is retiring effective December 31, 2020. As part of a planned transition, the company also appointed Dennis Olis to replace Amann as CFO, effective July 1, 2020.
Olis joins Cresco Labs after previously serving as CFO for Allscripts Healthcare Solutions. Olis brings an extensive background in operations, financial planning and analysis, accounting, financial reporting, tax, internal audit, treasury and mergers and acquisitions at Allscripts and previously at Motorola. Amann will remain in an advisory role through the remainder of 2020 to ensure a smooth transition of responsibilities.
“Ken was an early investor in Cresco, and one of the first employees, joining as CFO shortly after Cresco won the initial licenses in Illinois,” said Charlie Bachtell, the firm’s CEO and co-founder. “I know I speak for the entire management team and board of directors when I thank Ken for his significant contribution in growing Cresco to this point. This is bittersweet for me and the Cresco family—it is sad to see Ken go but we wish Ken and his wife, Lisa, nothing but the best in this new phase of their lives. They will always be a part of this Cresco family.”
“After a thorough search, I’m thrilled to welcome Dennis Olis as our new CFO,” Bachtell continued. “Dennis has an impeccable reputation and brings extensive financial, operational, and strategic management experience. His track record of superior capital allocation and experience managing billions of dollars in annual sales as the SVP of operations and strategic initiatives and as CFO makes him the perfect fit as Cresco enters the next phase of growth.”
“This experience at Cresco has been an amazing journey and certainly the highlight of my professional career. I would like to thank the board and management team as well as all of our loyal, long-term shareholders for their support over the past several years,” Amann said. “I am confident the team will continue to build upon our leadership position in the U.S. cannabis space. I also know the company is in great hands, Dennis is a proven, results-oriented CFO with experience in a variety of finance and operations roles at both Allscripts and Motorola.
Olis has more than 20 years of financial and operational management experience. At Allscripts Healthcare Solutions, Olis was responsible for the company’s overall financial strategy, including cost management, capital allocation and balance sheet optimization. As CFO he led the $185 million acquisition of McKesson’s healthcare business, increasing revenue by $400 million and the integration effort leading to EBITDA improvement of $100 million within 15 months of the acquisition. Previously, Olis held a variety of senior finance and operations positions at Motorola Inc.