Week in review: Juul Labs, McDonald's, Facebook, and more!
Every week we bring you an overview of the most important executive changes from around the world. This week, embattled e-cigarette maker Juul Labs fired two executives amid increasing scrutiny from regulators as well as a proposed U.S. ban on flavors that could comprise a majority of its sales. Read more about this and other notable executive changes:
Guy Cartwright Named New Chief Financial Officer of Juul
Embattled e-cigarette maker Juul Labs named a new CFO, Guy Cartwright, to succeed Tim Danaher who together with several top executives is leaving the company amid a management shake-up. Cartwright joined the company in July as its transformation and operations officer after previously serving as operating partner and managing director at private investment firm TowerBrook Capital Partners L.P. The company also announced that its chief marketing officer, Craig Brommers, a former marketing executive at Gap Inc. and Abercrombie & Fitch Co., is leaving the company after joining in April. According to a company spokesperson, Juul will now eliminate this post.
McDonald’s CEO Fired after Relationship with Employee
Steve Easterbrook has been ousted from his role as CEO & President of McDonald’s Corporation, effective immediately. According to a statement, the Board determined that Easterbrook “violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee.” He will be succeeded by Chris Kempczinski who joined McDonald's in 2015, overseeing global strategy, business development and innovation, and was most recently President of McDonald's USA. Joe Erlinger, who most recently served as President of International Operated Markets, will take over as President of McDonald’s USA.
Sotheby’s Announces Charles Stewart as New Chief Executive Officer
Sotheby’s announced that CEO Tad Smith was replaced by Charles Stewart, formerly the co-president and chief financial officer of Altice USA, the U.S. spinoff of the Netherlands-based telcom group owned by Sotheby’s new owner, Patrick Drahi. Sotheby’s was acquired by Drahi in a $3.7 billion acquisition that closed a few weeks ago. Stewart joined Altice in 2016 and took the company public in a $2.1 billion IPO on the New York Stock Exchange in 2017. Previously, he worked for over 20 years in the finance sector, including as a Morgan Stanley investment banker before becoming the CEO of Itau BBA International, an international financial services company.
Deutsche Bank Names Fabrizio Campelli as Chief Transformation Officer
Fabrizio Campelli has been appointed as Deutsche Bank’s chief transformation officer to implement the biggest reorganization in the bank’s history. Mr. Campelli will also assume responsibility for human resources. The appointment comes as the bank is the process of executing a major restructuring plan that includes exiting businesses and cutting 18,000 jobs worldwide. Campelli, a Deutsche veteran for over 15 years, was most recently Global Head of Wealth Management.
Barry McCarthy Set to Retire as Spotify’s Chief Financial Officer
Barry McCarthy will retire as Spotify’s chief financial officer in January of next year, to be replaced by Paul Vogel, who is currently VP of Financial Planning & Analysis, Treasury and Investor Relations. McCarthy, who is a former CFO of Netflix, oversaw Spotify’s public debut in March 2018 through its unusual direct stock listing on The New York Stock Exchange rather than utilizing a traditional IPO. Slack followed in Spotify’s footsteps this summer with the second major direct listing. McCarthy plans to rejoin Spotify’s board pending shareholder approval.
Sue Desmond-Hellmann Steps Down from Facebook's Board
Bill & Melinda Gates Foundation CEO Sue Desmond-Hellmann stepped down from Facebook’s board of directors effective at the end of October. Desmond-Hellmann, who joined Facebook’s board in March 2013, cited increasing demands from her CEO role, her extended family, and her health as the reasons for her departure in her resignation letter. Prior to joining the Gates Foundation in 2014, Desmond-Hellmann spent 14 years at biotechnology company Genentech before becoming the chancellor of the University of California at San Francisco. Facebook said it expected to name a replacement for Desmond-Hellmann in the coming months.
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