JUUL Labs CEO Steps Down; Merger Talks Between Phillip Morris and JUUL's Parent Company Altria End
martyb writes:
JUUL Labs Names New Leadership, Outlines Changes to Policy and Marketing Efforts - JUUL Newsroom
JUUL Labs announced today that K.C. Crosthwaite will be joining the company as CEO effective immediately. The announcement from co-founders James Monsees, Adam Bowen and Kevin Burns follows Burns' decision to step down.
[...]In his new role, Crosthwaite and the entire JUUL Labs leadership team will continue a broad review of the company's practices and policies to ensure alignment with its aim of responsible leadership within the industry. Effective immediately, JUUL Labs announced the company is:
- Suspending all broadcast, print and digital product advertising in the U.S.
- Refraining from lobbying the Administration on its draft guidance and committing to fully support and comply with the final policy when effective
Commenting on the announcement, Crosthwaite said: "I have long believed in a future where adult smokers overwhelmingly choose alternative products like JUUL. That has been this company's mission since it was founded, and it has taken great strides in that direction. Unfortunately, today that future is at risk due to unacceptable levels of youth usage and eroding public confidence in our industry. Against that backdrop, we must strive to work with regulators, policymakers and other stakeholders, and earn the trust of the societies in which we operate. That includes inviting an open dialogue, listening to others and being responsive to their concerns."
Burns said: "Working at JUUL Labs has been an honor and I still believe the company's mission of eliminating combustible cigarettes is vitally important. I am very proud of my team's efforts to lead the industry toward much needed category-wide action to tackle underage usage of these products, which are intended for adult smokers only. Since joining JUUL Labs, I have worked non-stop, helping turn a small firm into a worldwide business, so a few weeks ago I decided that now was the right time for me to step down. I am grateful to be able to confidently hand the reins to someone with K.C.'s skill set, which is well-suited to the next phase of the company's journey."
Further, CNBC reports Philip Morris and Altria End Merger Talks:
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