Juul CEO Kevin Burns steps down; Altria, Philip Morris end merger talks
Updated : September 26, 2019 06:51 AM IST
JUUL is suspending all advertising and government lobbying as it responds to a mounting public backlash over the risks of vaping.
At the same time, a potential $200 billion merger between Altria, a major Juul stakeholder, and Philip Morris International collapsed, with the two companies saying Wednesday that efforts to reach a deal had failed.
Juul CEO Kevin Burns will be replaced by KC Crosthwaite, himself a top Altria executive.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more