Money: Juul to cut $1 billion in costs as new CEO aims for reboot - - PressFrom - Canada
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Money Juul to cut $1 billion in costs as new CEO aims for reboot

17:30  12 november  2019
17:30  12 november  2019 Source:   reuters.com

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(Reuters) - Juul Labs Inc will cut nearly $ 1 billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown. K.C. Crosthwaite, a former executive at major shareholder Altria (N:MO)

Juul will cut nearly $ 1 billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown. K.C. Crosthwaite, a former executive at major shareholder Altria, is tasked with fixing the company’s

a close up of text on a white background: FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta© Reuters/Elijah Nouvelage FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta

(Reuters) - Juul Labs Inc will cut nearly $1 billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown.

K.C. Crosthwaite, a former executive at major shareholder Altria , is tasked with fixing the company's battered public image and shrinking valuation as the regulatory moves on vaping threaten to upend the fast-growing industry.

The official also said Juul would cut around 650 jobs, or 16% of its 4,051 strong workforce, starting Tuesday. The company had previously said it would cut 10-15% of its workforce by the end of this year.

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Juul Labs Inc will cut nearly $ 1 billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the The cost cuts will impact Juul 's marketing budget and are the latest effort by Crosthwaite, who last month reshuffled the San Francisco-based

Juul Labs Inc will cut nearly US$ 1 - billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown. K.C. Crosthwaite, a former executive at major shareholder Altria

"As the vapor category undergoes a necessary reset, this reorganization will help JUUL Labs focus on reducing underage use, investing in scientific research, and creating new technologies," Crosthwaite said in a statement emailed to Reuters.

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The cost cuts will impact Juul's marketing budget and are the latest effort by Crosthwaite, who last month reshuffled the San Francisco-based company's top management.

In October, Marlboro cigarettes maker Altria, which has a 35% stake in Juul, wrote down the value of its investment by $4.5 billion, cutting Juul's valuation by a third to roughly $24 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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Trump hears opposing viewpoints in debate over youth vaping .
WASHINGTON — President Donald Trump on Friday heard opposing viewpoints in the debate over youth vaping but offered no insight into where he would ultimately come down on the issue after promising two months ago that he would ban most flavoured e-cigarettes but later backtracking. He said the administration would announce its plan “very soon.” “We want to take care of our kids, got to take care of our kids,” Trump told reporters after listening to more than an hour of at times robust debate among representatives from the vaping industry, the nation’s major health associations, parent advocates and business groups.

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