Following an extensive search, Vertical announced today its board of directors has appointed Bill Sutman as executive vice president and chief financial officer (CFO) effective January 7, 2019. Sutman will succeed Jeff Silver, who continues with the company as a strategic advisor.
Vertical is a leading multi-state vertically-integrated brand company in the medical and adult-legal cannabis and Hemp-based CBD industries. Sutman is a seasoned finance and operations executive with extensive experience in all facets of consumer packaged goods, alcohol beverage, and the media and entertainment industry, as well as mergers, acquisitions, divestitures, post-merger integrations, and turnarounds.
Bills global financial experience across a variety of industries will serve Vertical and our stakeholders well, said CEO and founder Todd Kaplan. We look forward to him joining our executive office.
Sutmans most recent position was EVP, CFO & Treasurer for TEN: The Enthusiast Network, the worlds largest automotive and action sports network of enthusiast brands delivering content across its digital, direct-to consumer, social, live event and print platforms. His responsibilities included Accounting, Finance, HR, IT, Legal, Operations, Risk Management, Real Estate, and Tax. Ten was a portfolio company of GoldenTree Asset Management LP.
Prior to TEN, Sutman held CFO and Advisory roles in a number of different private companies. Sutman also served in a series of financial positions with NBC Universal, a division of General Electric, and its predecessor companies. He was EVP & CFO for the Media Works Group of NBC Universal which was responsible for NBCs Broadcast and Network Operations, Universals Studios Production Operations and NBC Universals Information Technology. He also served as EVP & CFO for Universal Pictures where he led the execution of Universals Film Securitization financing and the companys integration with NBC, among other activities.
Sutman started his professional career in the New York office of Price Waterhouse. He then joined Joseph E. Seagram & Sons where he served as Director, European Treasury Operations and Vice President, Internal Audit until he transferred to Los Angeles upon Seagrams acquisition of Universal Studios. Bill received his Bachelor of Science Degree in Business and Economics from Lehigh University and is a Certified Public Accountant.
Smoke Wallin, Verticals President added, Bill was with Seagram and Universal before the sale, and we shared a number of experiences and friendships during that time. I could not be more excited to welcome him to our team as we scale our businesses and position our business for institutional investors and an eventual IPO.
I want to thank Jeff Silver, on behalf of Vertical, for leading the finance team as CFO since inception. We have deployed in excess of $50 million into the business during Jeffs tenure and he played a critical role in turning an idea into reality, added Kaplan.
Vertical is a leading multi-state vertically-integrated brand company in the medical and adult-legal cannabis and Hemp-based CBD industries. We have operations in AZ, KY, and CA, combined with strategic partnerships in OH and additional markets which position it well to take advantage of the legalization and normalization of cannabis globally. Vertical is led by an executive team of entrepreneurs and business leaders from the alcohol beverage, agriculture, CPG, distribution, entertainment, food, healthcare, and medical industries.
Jon Lindsay Phillips