Key Takeaways
- Angela McElwee, ex-CEO of Gaia Herbs, was appointed to Charlotte's Web Board of Directors, bringing over three decades of natural product experience.
- William Morachnick replaces Jacques Tortoroli as CEO, aiming to leverage his global business acumen to grow the company.
Angela McElwee’s Appointment to the Board
Angela McElwee’s appointment is a significant enhancement to the board, given her extensive experience in the natural products industry, particularly her time at Gaia Herbs from 2008 to 2021, where she served in executive roles and as a board member.
Her achievements as President and CEO of Gaia Herbs included catalytic growth and leading the company's conversion to a B Corporation, earning her spots on RealLeaders 100 Women in Impact and Inc.'s Best of Business list in 2020.
According to a PR Newswire release, John Held, Chairman of Charlotte’s Web, lauds Angela’s proven ability to scale vertically integrated brands and her expertise in marketing mission-driven companies.
Bill Morachnick Steps in as CEO
Bill Morachnick's appointment as the new CEO, replacing Jacques Tortoroli, has experience and a history of driving growth in various sectors, most notably as President at Santa Fe Reynolds Tobacco International (SFRTI) GmbH.
According to a PR Newswire release, Morachnick’s tenure at SFRTI saw the company evolve from a startup to a highly profitable entity, culminating in a $5 billion acquisition by Japan Tobacco Group in 2016, post which he spearheaded the integration of the combined entities as CEO and Chairman based in Tokyo.
Back in the U.S., his advisory roles across several companies aimed at launching or expanding domestic and international businesses showcase his adeptness in navigating diverse market landscapes.
Past CEO’s Contributions
The transition acknowledges Jacques Tortoroli's instrumental contributions during his tenure as CEO, notably the strategic $57 million investment from BAT and the launch of ReCreate™, the world’s first NSF certified for Sport® broad spectrum CBD, officially endorsed by Major League Baseball©.
Board’s Governance Stance
The release noted that the Company’s focus on effective corporate governance is reiterated with a disclosure on its Majority Voting Policy Decision, addressing the offers to resign tendered by some directors post the June 15, 2023 annual meeting, which were rejected based on a careful review by a committee of independent Board members.
Navigating Future Endeavors
With these strategic leadership changes, Charlotte's Web aims to navigate the competitive hemp CBD market efficiently, aligning with the company’s mission of delivering quality CBD products while maximizing value for all stakeholders.