Juul Shakeup: CEO Out, Merger Off, All Ads Canceled

CNBC reports:

Kevin Burns has resigned as Juul’s CEO and will be replaced by former Altria executive K.C. Crosthwaite, the e-cigarette company announced Wednesday. Altria invested $12.8 billion for a 35% stake in Juul late last year, placing a huge bet on the embattled vaping company. Tobacco giant Altria’s shares are down nearly 18% this year.

The company on Wednesday announced it will suspend all broadcast, print and digital product advertising in the U.S. It will not lobby the Trump administration on its impending policy to remove flavored e-cigarettes from the market and will comply with the final policy when effective.

Philip Morris, Altria abandon merger talks; Juul CEO steps down https://t.co/OVfXOtHqqj pic.twitter.com/VScAE9goSm

— National Post (@nationalpost) September 25, 2019

Big news: Philip Morris and Altria end merger talks. Juul CEO stepping down. Altria’s chief growth officer going to run Juul now https://t.co/gr02e7sDx8
https://t.co/VzoQh9l7gF pic.twitter.com/uX1xiGo6Xh

— Tara Lachapelle (@taralach) September 25, 2019