08:22 AM EDT, 07/16/2024 (MT Newswires) -- Nova Cannabis ( NVACF ) on Tuesday said Chief Executive Marcie Kiziak will step down on Aug.1 after SNDL ( SNDL ) , its largest shareholder, said earlier it is launching a restructuring plan to save $20 million annually by cutting 106 positions.

Kiziak will by replaced by Grant Sanderson, the current chief operating officer.

Kiziak will continue to serve on the board of Nova until second-quarter 2024 financial results are announced, the cannabis retailer said in a release.

The company's shares closed down $0.02 to $1.23 Monday on the Toronto Stock Exchange. SNDL ( SNDL ) shares were up US$0.02 to US$2.22 in premarket Nasdaq trading.