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CHARLOTTE — Marty Sumichrast agreed to step down as chairman of cbdMD Inc. just two days after the board of directors established a special committee to review civil allegations of fraud that regulators filed against him last week and recommend appropriate action.
He remains a board member and CEO at cbdMD, according to a filing with the US Securities and Exchange Commission.
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Martin A. Sumichrast agreed to vacate the position of chairman, the filing says, without specifying if that was at the recommendation of the special committee. On June 3, 2022, Scott G. Stephen, a member of the board of directors of cbdMD, Inc. (the Company) assumed the position of chairman of the board of directors.
Sumichrast referred all questions to Bakari Sellers, a board member and attorney with the Strom Law Firm of Columbia, South Carolina. Sellers has not responded to repeated requests for comment.
Read the full story here.
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