Charlotte’s Web Appoints Former Bacardi Executive As CEO

It seems that cannabis beverages are coming closer to the purview of Charlotte’s Web Holdings (TSX: CWEB). The cannabis firm announced on Thursday major executive changes, including the appointment of spirits company Bacardi’s former executive Jacques Tortoroli.

Tortoroli served as Bacardi’s Chief Administrative Officer, as well as the President of Bacardi International. Prior to that, he was a financial executive at the media company Viacom and a controller at PepsiCo.

 “Domestically, Charlotte’s Web continues to innovate and grow market share, but internationally – where we are increasing our focus – markets present even more attractive opportunities for accelerated growth,” Tortoroli said in a statement.

The firm’s current CEO, Deanie Elsner, is stepping down after having served the position since May 2019.

Tortoroli has been a company director since November 2019 and has been a member of its compensation and audit committees, which he is expected to step down from after taking the chief executive position.

In addition, the firm also announced its Chief Financial Officer Wes Booysen will be taking a wider responsibility with the expanded Chief Financial and Operating Officer position. On the other hand, the Chief Cultivation Officer Jared Stanley will also see his role expanded to Chief Cultivation and Innovation Officer.

Charlotte’s Web Holdings last traded at $1.30 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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