Juul Labs Inc. named a strategy executive to finance chief as the e-cigarette maker continues to seek regulatory authorization for its products to remain on the U.S. market.
The privately held company on Friday said Vittal Kadapakkam will oversee its finances in addition to his current role as chief strategy officer, effective May 1. Mr. Kadapakkam, who joined Juul in 2017, has helped the company navigate its troubles over the past few years, including reaching the brink of bankruptcy and handling a dispute with federal regulators over whether its products can be sold in the U.S.
“Vittal has been an important driver of the company’s strategic review and capital raise engagements over the past several years,” Juul said.
Vittal Kadapakkam, Juul Labs’ new chief financial officer.
Photo:
Juul Labs Inc.
The appointment came as part of an announcement that Chief Financial Officer Elaine Paik and Chief Operating Officer David Dickey are leaving to pursue other interests and opportunities. Mr. Dickey’s successor, Rudy Lawrence, is also a company insider. Mr. Lawrence now serves as Juul’s senior vice president of global supply-chain and corporate services. He will continue to lead the supply-chain and corporate services team under his new role, the company said.
Ms. Paik, who has served as CFO since 2020, and Mr. Dickey will stay on for the next couple months to aid in the transition, the company said. Ms. Paik had public-company experience, having been a longtime finance executive at publicly traded consumer-goods giant
Colgate-Palmolive Co.
“David and Elaine have been instrumental in helping stabilize our business during some of its most challenging moments,” Juul said.
The Washington, D.C.-based company resolved a key hurdle in mid-April by agreeing to pay $462 million to settle lawsuits filed by six states and the District of Columbia. That and a subsequent settlement this month with Minnesota put an end to all of the pending litigation against the company.
These settlements and others last year allowed Juul to remove much of the uncertainty and overhang from a legal perspective, said Matthew Smith, an equity analyst at financial-services company
Stifel Financial Corp.
The priorities for the company, regardless of who is CFO, remain achieving FDA authorization for its products, he said.
Juul also recently parted ways with tobacco giant
Altria Group Inc.,
which in March divested itself of the company and, in doing so, booked a loss of more than $12.5 billion. Altria’s divestment gave Juul more flexibility to sell itself or make investments with other companies.
Mr. Kadapakkam worked as an analyst at equity fund Dayah Capital and Corvex Management LP before joining Juul.
—Jennifer Maloney contributed to this article.
Write to Mark Maurer at mark.maurer@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Juul Labs Inc. named a strategy executive to finance chief as the e-cigarette maker continues to seek regulatory authorization for its products to remain on the U.S. market.
The privately held company on Friday said Vittal Kadapakkam will oversee its finances in addition to his current role as chief strategy officer, effective May 1. Mr. Kadapakkam, who joined Juul in 2017, has helped the company navigate its troubles over the past few years, including reaching the brink of bankruptcy and handling a dispute with federal regulators over whether its products can be sold in the U.S.
“Vittal has been an important driver of the company’s strategic review and capital raise engagements over the past several years,” Juul said.
Vittal Kadapakkam, Juul Labs’ new chief financial officer.
Photo:
Juul Labs Inc.
The appointment came as part of an announcement that Chief Financial Officer Elaine Paik and Chief Operating Officer David Dickey are leaving to pursue other interests and opportunities. Mr. Dickey’s successor, Rudy Lawrence, is also a company insider. Mr. Lawrence now serves as Juul’s senior vice president of global supply-chain and corporate services. He will continue to lead the supply-chain and corporate services team under his new role, the company said.
Ms. Paik, who has served as CFO since 2020, and Mr. Dickey will stay on for the next couple months to aid in the transition, the company said. Ms. Paik had public-company experience, having been a longtime finance executive at publicly traded consumer-goods giant
Colgate-Palmolive Co.
“David and Elaine have been instrumental in helping stabilize our business during some of its most challenging moments,” Juul said.
The Washington, D.C.-based company resolved a key hurdle in mid-April by agreeing to pay $462 million to settle lawsuits filed by six states and the District of Columbia. That and a subsequent settlement this month with Minnesota put an end to all of the pending litigation against the company.
These settlements and others last year allowed Juul to remove much of the uncertainty and overhang from a legal perspective, said Matthew Smith, an equity analyst at financial-services company
Stifel Financial Corp.
The priorities for the company, regardless of who is CFO, remain achieving FDA authorization for its products, he said.
Juul also recently parted ways with tobacco giant
Altria Group Inc.,
which in March divested itself of the company and, in doing so, booked a loss of more than $12.5 billion. Altria’s divestment gave Juul more flexibility to sell itself or make investments with other companies.
Mr. Kadapakkam worked as an analyst at equity fund Dayah Capital and Corvex Management LP before joining Juul.
—Jennifer Maloney contributed to this article.
Write to Mark Maurer at mark.maurer@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8