Juul Appoints New Interim CFO as Current CFO is Tapped to Lead Restructuring Effort
E-cigarette maker Juul Labs has appointed a new interim chief financial officer as it moves Guy Cartwright, who was named Juul’s CFO in October, into a new role leading the embattled e-cigarette company’s $1 billion restructuring effort.
Juul’s chief accounting officer, Saurabh Sinha, will take over as interim CFO. Cartwright, who now becomes the chief transformation officer, joined the company in July, and was appointed CFO in October amid a senior leadership shuffle under new chief executive K.C. Crosthwaite. Several other top executives left the company last year as part of the management shuffle, including finance chief Tim Danaher, Chief Marketing Officer Ashley Gould and Chief Marketing Officer Craig Brommers. In November, the company cut around 650 jobs, or 16% of its workforce.
The CFO change comes as Juul faces mounting litigation, and a hit to its bottom line after it voluntarily halted the sale of most of its flavored e-cigarettes in the U.S. amid pressure from regulators.