Cannabis firm Cresco appoints consulting exec Tom Manning as Chairman

04 February 2019 Consultancy.asia

Medical cannabis company Cresco Labs has appointed Dun & Bradstreet CEO Tom Manning as its new Chairman of the Board. Manning has previously held chief leadership roles for Bain & Company, Capgemini and EY among others spanning a 20 year career in Asia.

As medical marijuana continues its march toward mainstream acceptance – both as a medicinal and recreational product – Cresco Labs, one of the largest self-described vertically integrated multistate cannabis operators in the United States, has appointed current Dun & Bradstreet CEO Tom Manning to Chairman of the Board. Manning boats an incredible 30-plus years of chief executive and board-level experience, with 20 of those spent at the helm of leading global consultancies and finance firms in Asia.

Kicking of his career in corporate strategy with McKinsey in 1979 (following an MBA from Stanford and Bachelor in East Asian studies at Harvard), where he spent six years and launched the consulting giant’s medical device and healthcare practice, Manning then served for a further four years as the CEO and Chairman of Ernst & Young Global Client Consulting for Asia, following that up as the Chairman and CEO of Capgemini Asia Pacific and then as the firm’s Global Managing Director for Strategy and Technology.

Recruited as a Senior Partner at Bain & Company, Manning would lead the management firm’s global IT practice in Asia and Silicon Valley, departing after to two years to take on the CEO role at Indachin, a professional services and private equity advisory based in Hong Kong. After five years at Indachin, Manning, a fluent Mandarin speaker, then became CEO of private equity player Cerberus Asia, based out of Beijing. Finally, in 2013, Manning joined data analytics firm Dun & Bradsteet (Cognizant’s original parent), appointed as its CEO last year.Cresco Labs appoints Dun & Bradstreet CEO Tom Manning as Chairman of the Board“Put very simply, Tom has an amazing career and education history that are assets to our Company, commented Cresco Labs CEO and cofounder Charles Bachtell. “We are honored to benefit from his expert leadership, keen intellect and deep knowledge of the trends driving the business economy in the 21st century. As we grow, we intend to round out our distinguished board with well-recognised influencers in important disciplines including consumer packaged goods and marketing.”

Now listed on the Canadian Securities Exchange, and offering a range of products across the everyday cannabis, medicinally-focused, connoisseur-grade, and even artisanal edibles consumer segments, Cresco Labs is a fast-growing end-to-end market provider, involved in every element of the ‘seed-to-sales process’, including the design and cultivation of crops through to distribution and the operation of its own dispensaries. Recently the company became the first entity to make a legal marijuana sale in Ohio – following Pennsylvania, the second state Cresco has achieved this milestone.

“I am honored to be appointed Chairman of the Board of Cresco Labs and to work with this tremendously talented and accomplished group of business leaders,” Manning said in response to his appointment. “From the founders’ initial vision to normalise and professionalise cannabis, all the way to becoming a publicly traded company in 2018, management and our board’s interests have been closely aligned with our customers and patients, shareholders, regulators and legislators.”

According to recent figures from business consultancy Grand View Research, the global legal marijuana market is projected to grow to a whopping ~$145 billion by the end of 2025 – up from an estimated ~$9 billion in 2016 – driven by the growing trend toward the decriminalisation all over the world. While Asian states have been generally more reluctant to enact reforms, and include some of the countries with the strictest drug enforcement policies worldwide, both Thailand and South Korea have in recent months legalised medical usage.

Leading South Korean law firm Yulchon joins Taxand global network

19 April 2019 Consultancy.asia

Global tax specialists Taxand has admitted a new member firm in South Korea; Yulchon, pushing the network’s representation to 48 countries worldwide.

Born in 2005 in the wake of the Enron scandal as an alternative, independent tax-focused enterprise, Taxand has since grown to include member-firms on every continent, with a collective headcount of over 2,000 advisors worldwide. Adding to that list; Yulchon, a leading South Korean business law firm with more than 400 lawyers and 80 tax advisors of its own.

“Joining Taxand allows us to provide clients with the highest quality, cross border tax advice,” said Yulchon tax partner Kyu-Dong Kim. “Taxand’s international network provides a positive differentiation from other East Asian tax and legal firms. Its reputation for independent, specialist expertise fits well with Yulchon’s culture and we look forward to strengthening both our local and international tax services.”

A 2017 Chambers and Partners’ National Law Firm of the Year winner consistently recognised for its innovation, Yulchon was founded in Seoul in 1997 by five of South Korea’s leading attorneys to create “a village of lawyers”, with two decades of organic growth seeing the firm add international offices in Shanghai, Hanoi, Ho Chi Minh City, Moscow, Jakarta and Yangon.Leading South Korean law firm Yulchon joins Taxand global networkAccordingly, with the admission of Yulchon to its network, Taxand has now significantly expanded its Asia presence – its coverage in ten key Asia Pacific economies (including Japan, Singapore, Malaysia, Australia and India) among the organisation’s representation in over 50 countries stretching to every corner of the globe, from Oslo to Melbourne and from Buenos Aires to Mauritius with the US and just about every European nation in between.

“Yulchon is a welcome new addition to the Taxand family, bolstering our strength in East Asia,” said Taxand Chairman Frederic Donnedieu de Vabres, a former Arthur Andersen consultant. “The firm will give our clients a broader scope of specialised tax expertise across the region. Our network has grown significantly in recent years and we look forward to working with our new colleagues and their clients.”

Be it in the areas of compensation, financial, energy, mergers & acquisition, real estate, disputes, or others, Taxand describes itself as entirely focussed on the tax aspects – “we do tax, and only tax. No audit or attest issues” – leveraging its global network to serve clients with their both local and international and cross-border tax advisory needs. In the US and UK the network is represented by Alvarez & Marsal affiliate A&M Taxand.