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Cannabis firm the Parent Co., whose brands include Shawn “Jay-Z” Carter’s Monogram line, has hired one of the top executives at Clorox Co. as its new CEO.
Troy Datcher plans to join Parent as chief executive officer on Sept. 8, the company said Monday in a statement that confirmed an earlier Bloomberg News story. Datcher has been with Clorox for about 20 years, most recently serving as chief customer officer. He has been included on lists of the most influential Black leaders in corporate America, as well as the Ebony Power 100 list.
Datcher’s “leadership, expertise and perspective gained at such a prominent and enduring organization will be a significant advantage as we look to build” a strong cannabis brand, Michael Auerbach, Parent’s chairman, said in the statement. Current CEO Steve Allan will remain with the company and assist in the transition.
Clorox said in a separate statement that Datcher “has made significant contributions to Clorox during his nearly 20 years with us, and we wish him all the best in his next chapter.”
The move comes as executives from mainstream consumer-goods companies increasingly have been lured to the legal marijuana industry, which offers high growth potential as well as high risks in an uncertain regulatory environment. Cannabis companies are also talking more about diversity in their leadership as they strive to create business models that will share the anticipated wealth creation with the Black community, which has been disproportionately affected by arrests for marijuana possession.
Jay-Z, Parent’s chief visionary officer, cited social justice as part of the company’s mission when he joined. The company, which emerged from a blank-check transaction last year, grows and sells cannabis in California.
Datcher said in a statement that the new role offers “a unique opportunity to disrupt a sector that has disproportionately impacted communities of color -- including my own -- for far too long.”
Datcher’s leap comes as Clorox is trying to show investors that it can sustain the growth it experienced early in the pandemic. During his time with the company, he worked with several of its best-known brands, including Glad and Kingsford. As vice president of sales and sports marketing, Datcher played a key role in developing the company’s relationship with the National Basketball Association.