Former Reynolds American Executive Joins Charlotte's Web As New CEO

Cannabis company Charlotte's Web Holdings, Inc. CWEB CWBHF tapped William Morachnick to serve as its new chief executive officer, succeeding CEO Jacques Tortoroli, who resigned from his roles at the Louisville, Colorado-based company.

Tortoroli, who succeeded former CEO Deanie Elsner, who stepped down from the role he held nearly two years.

In 2021, Elsner shared some valuable insight into the CBD extract company's development at Benzinga's cannabis event.

The famed Benzinga Cannabis Capital Conference will gather industry insiders and investors from around the world once again on Sept. 27 and 28 in Chicago. Attendees can expect two full days of keynotes, panel discussions, fireside chats, networking, company presentations, celebrity appearances and an impressive lineup of the top journalists in the cannabis space.

Additionally, Morachnick has been appointed to the company's board of directors as a non-independent director.

Morachnick is a global business executive with a track record of building premium, differentiated products and brands across multiple channels worldwide and across a broad range of product categories.

"Bill has an accomplished career building businesses in multiple categories," said John Held, Charlotte's Web chairman. "With his proven operational expertise, Bill is well-suited to take the reins to lead the Charlotte's Web team through the next phase of the Company's growth opportunities."

Morachnick served as president at Santa Fe Reynolds Tobacco International (SFRTI) GmbH in Zurich, Switzerland, an international business division of Reynolds American, Inc. from 2006 to 2016.

SFRTI was acquired by Japan Tobacco Group in 2016 for $5 billion. Morachnick led the subsequent integration of the combined companies as CEO and chairman based in Tokyo, Japan, for two years before returning to the U.S. in 2018.

Since returning to the U.S., he has served as an executive advisor or board member for several companies seeking to launch and/or expand their businesses in the U.S. and overseas markets.

CWBHF Price Action

Charlotte's Web's shares traded 7.8969% lower at $0.3394 per share at the market close on Tuesday.

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Photo: Benzinga edit of image by Iryna Rahalskaya on Shutterstock