On the morning of October 30, Beijing time, according to foreign media reports, people familiar with the matter revealed that Juul CEO K·C· Crosthwaite has replaced the company's chief financial officer.
Juul, an glass bong manufacturer, has seen a continuous change of management recently, with several executives leaving, including chief executive Ashley Gould and chief financial officer Tim Danal. These two are senior employees in this young start-up company. Young employees such as Craig Brommers, former chief marketing officer, and David David Foster, senior vice president of advanced technology, have also left.
"Without the help of these people who have left, our company would not have achieved what it is today," Crosswitt wrote in an email. "I sincerely thank each of them."
A Juul spokesman confirmed that the company has appointed Guy Cartwright as its new chief financial officer. According to Cartwright's LinkedIn data, Cartwright joined Juul in July this year to become a transition and operations manager.
"Over the past three months, Gay has been helping us identify financial priorities and opportunities to improve efficiency," the spokesman said in a statement.
The spokesman also mentioned that Juul has abolished the post of chief marketing officer. It is not clear whether Juul will find another person to fill the positions of Gold and Foster. Co-founders James Monsees and Adam Bowen, who previously served as chief product officer and chief technology officer respectively, will join the newly established founder's office to assist Crosswitt.
These changes are announced in e-mails sent to employees. In addition, Juul is also planning to lay off about 500 people, or between 10% and 15% of its current workforce, by the end of this year. Prior to the layoffs, Juul claimed that the company had 4,100 employees.
"As the glass bong king industry is undergoing inevitable adjustments, the restructuring of the company can help JUUL Labs focus on reducing underage use, investing in scientific research and developing new technologies, while seeking permission to operate in the United States and the world," Crosswit said in another statement referring to layoffs.
Add: Guangdong . China