San Francisco (CNN Businss) The CEO of MedMen Enterprises (MMNFF) will not see the struggling cannabis retailer through its restructuring.

Adam Bierman, who co-founded the California dispensary chain in 2010, is stepping down from his role as chief executive, effective Feb. 1, MedMen announced Friday morning.

While Bierman is expected to remain a shareholder and a member of MedMen's board -- and will be among those subject to reelection at the company's next shareholder meeting on Feb. 21 -- his influence as a stockholder will diminish sharply as he is being stripped of control over the company.

"I continue to believe that MedMen is positioned to thrive," Bierman said in a statement included in the announcement. "It's time for our next iteration of leadership to capitalize on the opportunity we have created."

Bierman has agreed to surrender his Class A super voting shares, which grant him more voting rights than other shareholders. Last month, MedMen co-founder Andrew Modlin granted share voting rights for one year to board chairman Ben Rose, chief investment officer of investor Wicklow Capital.

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