Dive Brief:
- E-cigarette company JUUL has named Chief Strategy Officer Vittal Kadapakkam as its new CFO, effective May 1, according to an article from The Wall Street Journal.
- Kadapakkam is replacing Elaine Paik in the role. Paik, along with JUUL Chief Operating Officer David Dickey, recently left the company to pursue other opportunities, according to the report.
- This switch comes as JUUL nears the end of a lengthy series of lawsuits in multiple states and jurisdictions around the U.S. In the last month, it has settled with eight states and the District of Columbia.
Dive Insight:
Kadapakkam has been with JUUL for nearly six years, according to his LinkedIn profile. Prior to joining the San Francisco-based company, Kadapakkam worked as an analyst for several organizations, including Goldman Sachs, and was an associate for financial services firm KKR.
“Vittal has been an important driver of the company’s strategic review and capital raise engagements over the past several years,” the WSJ quoted JUUL as saying.
JUUL did not return requests for comment by press time.
Dickey is being succeeded by Rudy Lawrence, who is currently the company’s senior vice president of global supply chain and corporate services. He will still manage the supply chain and corporate services team after his transition, the WSJ reported.
Lawrence has also been at JUUL for nearly six years, according to his LinkedIn profile. He’s previously held a number of roles, including director positions, with tech giants Microsoft and Foxconn.
JUUL at one time commanded the lion’s share of the e-cigarette market. But over the last few years, a combination of growing competition, regulatory uncertainty and lawsuits have pressured the company and its products. The lawsuits have cost it over $1 billion so far.
R.J. Reynolds’ VUSE e-cigarettes have taken the top market share spot from JUUL. Meanwhile, NJOY is in a distant third but now has the backing of tobacco giant Altria.
