Charlotte's Web, the hemp-extract products company based in Colorado, has announced the appointment of William Morachnick as its new chief executive. Morachnick, a former executive at Reynolds American, will also join the company's board as a non-independent director.
Morachnick brings a wealth of experience to his new role. He served as the president of Santa Fe Reynolds Tobacco International in Zurich from 2006 to 2016 before its acquisition by Japan Tobacco Group. He then led the integration of the two companies as CEO and chairman in Tokyo for two years. In 2018, Morachnick returned to the U.S., where he has since worked as an executive advisor or board member for various companies.
In addition to Morachnick's appointment, Charlotte's Web has revealed that its board has declined offers to resign from Chairman John Held, Thomas Lardieri, Alicia Morga, and Jacques Tortoroli. Tortoroli, the previous CEO, stepped down from his position. These directors didn't receive the necessary majority of votes at the annual meeting of shareholders in June.
Earlier this year, Charlotte's Web rejected a call by Jesse and Joel Stanley, the brothers who co-founded the company, to replace the four directors.
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