Juul on Tuesday announced an update to its major restructuring effort that includes layoffs and deep cost cutting. It's the latest development in a series of shakeups since September as Juul attempts to revamp its strategy in the face of heightened scrutiny of vaping.
Much of the $1 billion in cuts Juul hopes to make will hit the company's marketing department. Juul has agreed to pause its marketing effort as regulators claim the company was trying to push its products on teens.Juul said it would cut 650 jobs and phase out the position of chief marketing officer. In October, it said it would cut about 500 jobs. The 650 job cuts represent about 16% of Juul's global workforce.
Crosthwaite issued that same statement last month when he announced the departure of four executives, including the chief marketing officer, chief financial officer, senior vice president of advanced technologies and chief administrative officer.Altria , which invested $12.8 billion for a 35% stake in Juul in 2018, hasn't seen its returns flourish. The Marlboro-owner recently announced it was taking a $4.5 billion writedown on its investment in Juul.
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