JAY-Z and TPCO Holding Corp, also known as The Parent Company, has appointed Troy Datcher to serve as the Company’s new Chief Executive Officer, effective Sept 8. TPCO, also known as The Parenting Company, is California’s leading vertically integrated cannabis company. Datcher’s appointment marks the first time a Black CEO will lead a major public U.S. cannabis organization. The current CEO of The Parent Company, Steve Allan, will continue with the company and assist in the leadership transition.
Datcher comes over to The Parent Company from The Clorox Company, where he was the Senior Vice President and Chief Customer Officer responsible for the Company’s worldwide sales organization. While at The Clorox Company, Datcher had a sales plan of over $6.7 billion in annual revenue across Clorox brands.
“I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” said Datcher. “This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long. This is a chance to partner with cultural powerhouses like JAY-Z and Desiree Perez to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities. Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
“On behalf of our Board and employees, I look forward to welcoming Troy to lead our organization into its next chapter of growth,” said Michael Auerbach, Chairman of The Parent Company. “Troy brings a wealth of invaluable experience driving high-volume sales and implementing growth strategies, and a deep-seated knowledge of strategic brand execution. His leadership expertise and perspective gained at such a prominent and enduring organization will be a significant advantage as we look to build the first 100-year company in cannabis, meet evolving consumer demands, and create meaningful change in our industry.
“Troy’s business acumen, strategic thinking and leadership skills are invaluable qualities that will be critical to our organization’s growth,” said The Parent Company Chief Social Equity Officer and Board Member Desiree Perez. “He understands and embraces the unique responsibility we have to redefine the cannabis industry and establish a new precedent for cannabis entrepreneurs to build successful businesses. I look forward to watching him grow into this position and take The Parent Company to new heights.”
Datcher has twice been named to the Ebony Magazine Power 100 list and recognized by Savoy Magazine as one of the top 100 Black Executives for three consecutive years.