Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) made major leadership changes in the company’s c-suite. Jacques Tortoroli, the former Chief Administrative Officer of Bacardi Ltd., the world’s largest privately-held spirits company, has been appointed Chief Executive Officer of Charlotte’s Web, replacing outgoing CEO, Deanie Elsner.
Elsner joined the company in May 2019, but in the last few quarters the company has suffered from falling revenue. A combination of FDA delays on defining the usage of CBD products to massive competition in the CBD space has conspired to hurt one of the original medical marijuana companies.
In addition to the resignation of Elsner, Wes Booysen, Charlotte’s Web Chief Financial Officer, is assuming expanded responsibilities under the title of Chief Financial & Operating Officer. In last month’s earnings release Booysen said “Temporary supply chain disruptions affected some product availability, dampening revenue growth for the quarter. We substantially resolved these issues in October and are back on our growth trajectory with the holiday buying season in the fourth quarter. In parallel, we are streamlining operations and reducing expenses to position the business for positive Adjusted EBITDA in 2022.”
Jared Stanley, Charlotte’s Web Co-founder and Chief Cultivation Officer, will assume an expanded role as Chief Cultivation and Innovation Officer responsible for hemp cultivation, extraction, cannabinoid R&D and product development.
“I am delighted to be able to work closely with Wes, Jared and the broader team and excited about the opportunities we have in front of us,” said Tortoroli. “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 has little experience in the cannabis industry but was also former President of Bacardi International Limited and brings significant global executive leadership experience. His 40-year career includes launching ecommerce platforms, global finance, mergers & acquisitions, and strategic partnerships through various senior executive roles at Bacardi, Viacom Inc., Young & Rubicam Inc., PepsiCo Inc., and KPMG.
“Jacques’s strong track record of driving international brand equity through product innovation and customer relationships will be invaluable to Charlotte’s Web,” said John Held, Chairman of the Board.