Market Pulse Archives

Sept. 25, 2019, 7:52 a.m. EDT

Juul Labs CEO steps down; e-cigarette maker to suspend advertising in the U.S.

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Altria Group Inc. (MO)
  • X
    Philip Morris International Inc. (PM)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore
MO PM

Juul Labs Inc. said Wednesday that Chief Executive Kevin Burns has decided to step down, to be succeeded effective immediately by K.C. Crosthwaite who was previously chief strategy and growth officer at Altria Group Inc. /zigman2/quotes/208895754/composite MO +4.33% . The e-cigarette company as part of its broad review of practices, it is suspending all broadcast, print and digital product advertising in the U.S., and will refrain from lobbying the Trump administration on its draft guidance. The announcement comes after a crackdown on e-cigarettes by the U.S. Food and Drug Administration following a recent outbreak of severe lung disease that appears to be related to vaping. Altria, which announced Wednesday that it has ended merger talks with Philip Morris International Inc. /zigman2/quotes/201611010/composite PM +4.02% to focus instead on launching IQOS smoke-free products, had paid $12.8 billion in December for a 35% stake in Juul. "I have long believed in a future where adult smokers overwhelmingly choose alternative products like Juul," Crosthwaite said. "Unfortunately, today that future is at risk due to unacceptable levels of youth usage and eroding public confidence in our industry."

Read the full story:
Philip Morris and Altria merger talks are off as Juul CEO steps down amid vaping fears

/zigman2/quotes/208895754/composite
US : U.S.: NYSE
$ 40.27
+1.67 +4.33%
Volume: 8.41M
July 10, 2020 4:03p
P/E Ratio
N/A
Dividend Yield
8.34%
Market Cap
$74.84 billion
Rev. per Employee
$2.36M
loading...
/zigman2/quotes/201611010/composite
US : U.S.: NYSE
$ 72.96
+2.82 +4.02%
Volume: 5.43M
July 10, 2020 4:00p
P/E Ratio
14.87
Dividend Yield
6.41%
Market Cap
$113.61 billion
Rev. per Employee
$382,519
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.