- Roots Sustainable Agriculture Technology (ASX:ROO) has appointed Boaz Wachtel as CEO and Executive Chairman
- Former CEO and Chairman Sharon Devir will now assume the role of Executive Director and Business Development
- The changes are a part of the company's pivot to focus on the global cannabis sector
- Boaz Wachtel invented Roots' RTZO technology which stabilises the root zone temperature of crops
- Previously, he co-founded two ASX-listed cannabis-related companies Phytotech Medical and Creso Pharma
- Shares in Roots are trading 8.89 per cent higher, worth 4.9 cents apiece
Roots Sustainable Agriculture Technology (ROO) has appointed Boaz Wachtel as CEO and Executive Chairman.
Company co-founder Sharon Devir has served as CEO and Chairman for seven years and will now assume the role of Executive Director and Business Development.
The changes have been planned for some time, according to the company, and are part of its pivot to focus on the global cannabis sector.
Boaz Wachtel has been involved with Roots for over a decade and invented the company's RTZO technology. This technology stabilises the root zone temperature of crops.
“The RTZO technology has outstanding potential in the agricultural sector. As shareholders are aware, Roots has been actively pursuing opportunities for the deployment of RTZO in the cannabis sector and it is the market that presents the most upside for us," said Wachtel.
"It makes good commercial sense that we therefore strengthen our efforts here. I will be drawing on my contacts, network and expertise in the sector to do so."
The incoming CEO has extensive experience in the cannabis industry. He co-founded Phytotech Medical, Australia’s first publicly traded medical cannabis company.
He also co-founded Creso Pharma, another ASX-listed cannabis-related company.
Mr Wachtel has advised governments, committees and businesses on cannabis-related subjects. In Israel he was partly responsible for formulating the legalisation for medical cannabis.
The remuneration arrangements for Mr Devir and Mr Wachtel will remain the same.
Shares in Roots are trading 8.89 per cent higher, worth 4.9 cents apiece at 3:50 pm AEDT.