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Juul Indicates New CFO Against Management Shakeup, Several Top Managers Are External



A public figure wears a shirt against JUUL as JUUL Labs co-founder and Chief Product Officer James Monsis testifies before the Washington House Capitol Hill Subcommittee on Government Supervision, Thursday, July 25, 2019. , during the hearing of the youth nicotine epidemic.

Susan Walsh | AP

Executive Director of Juul K.C. Crosthwaite replaced the chief financial officer amid a shake-up of the management of an e-cigarette company, according to people familiar with the matter.

Several top executives have left the company, including Chief Executive Officer Ashley Gould and Chief Financial Officer Tim Danacher, two veteran employees at the young startup. Newcomers Craig Bromers, Chief Marketing Officer and David Foster, Senior Vice President of Advanced Technology, have also disappeared.

"We would not be as a company today without the extraordinary efforts of a few individuals who wanted to move beyond the company. I want to make sure that I thank everyone in particular, "says Crosthwaite, a former Altria CEO, in an email sent to employees Monday.

Juul has appointed Guy Cartwright as its new CFO, a Juul spokesman told CNBC. Cartwright joined Jul in July as a Transformation and Operations Executive, according to his LinkedIn profile.

"For the past 3 months, Guy has been instrumental in setting our financial priorities and identifying performance opportunities," a spokesman said. on a computer

Juul eliminates the position of chief marketing officer, according to a spokesman.It was not immediately clear whether Jul would fill the positions of Gould and Foster, co-founders James Monsis and Adam Bowen, who previously held the position of chief product officer and chief technology officer, join the newly formed Founders Office to consult Crosthwaite.

The changes were announced in a staff email. They come as Juul prepares to cut about 500 jobs, or about 1

0% to 15% of its total, by the end of the year. Prior to the redundancies, Yul boasted about 4,100 employees.

"As the cash category goes through the required reset, this reorganization will help JUUL Labs focus on reducing the use of minors, investing in research and creating new technologies while earning a US and "

The shakeup comes only a month at Crosthwaite's KC Mandate. Longtime Altria CEO replaced former Juul CEO Kevin Burns, who reigned. The tobacco giant invested $ 12.8 billion in July in December

The deal sent Juul's estimate up to $ 38 billion, prompting intense criticism from public health advocates who said the claim top US cigarette maker is undermining Juul's stated mission to help eliminate smoking.

The situation quickly deteriorated for Juul in the nearly year since the announcement of the deal. At least one hedge fund has announced it has reduced the value of its Juul stake to a price that puts the e-cigarette maker at $ 24 billion.

The Trump administration has said it will remove all flavored e-cigarettes from the market amid a jump when using teens. Local and state governments are tightening restrictions, and in some cases ban e-cigarettes directly. Retailers such as Walmart, Walgreens and Kroger are pulling shelves.

Juul faces a motivating trial. The company has been the subject of numerous investigations, including one by a panel that manages the reputation of Raja Krishnamoorti. The committee prompted Gould, one of the leaders, who was removed, for Yule's youth program, which sent company representatives to schools.

Crosthwaite is tasked with transforming Yul's wealth. Under his leadership, the company stopped all advertising of products in the US and stopped selling Juul sweet flavors like mango and fruit. Juul also said he would not lobby the Trump administration in its targeted taste policy.

Crosthwaite raised his former colleague, Altria, to direct Juul's regulatory efforts. Murillo will focus on preparing and submitting Juul's application to the Food and Drug Administration to continue selling its e-cigarettes. All companies will have to submit their products to the FDA for review by May 2020.


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