Juul taps CFO to lead embattled e-cigarette maker’s $1 billion restructuring

Health, Fitness & Food

An employee picks up a Juul Labs device kit for a customer at a store in San Francisco.

David Paul Morris | Bloomberg | Getty Images

Juul tapped its brand new chief financial officer to run the embattled e-cigarette maker’s $1 billion restructuring effort, the company confirmed to CNBC on Monday.

Guy Cartwright, who became Juul’s CFO in October, will become the company’s chief transformation officer, according to a Juul spokesman. Cartwright joined the company in July as transformation and operations officer, according to his LinkedIn profile.

Juul accounting chief Saurabh Sinha is taking over as interim CFO, the company said.

“Our overall goal is to save 1 billion dollars in the near-term so that we could continue to invest in key areas,” Cartwright said in an email shared with CNBC. “Through everyone’s efforts, we are approaching that goal, but there is still more work to do.”

Several top executives left the company last year amid a management shake-up. Chief Administrative Officer Ashley Gould and Chief Financial Officer Tim Danaher, two veteran employees at the young start-up, are gone. Craig Brommers, chief marketing officer, and David Foster, senior vice president of advanced technologies, left as well.

Juul also abandoned its chief marketing officer position.

The leadership changes come as Juul faces mounting litigation and scrutiny over a surge in teen vaping. Last week, the Food and Drug Administration issued a ban on most fruit- and mint-flavored nicotine vaping products in an effort to curb a surge in teen use.

Juul in November halted the sale of its flavors in the U.S., excluding menthol, Virginia tobacco and classic tobacco.

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