Co-Founder Of Juul Leaves Board As It Comes Under Increasing Scrutiny For Role In Teen Vaping
James Monsees helped launch the company in 2007 and expressed pride in the role the company played for helping adults switch from smoking cigarettes. He said he looks forward to spending time with his family. Altria Group Inc., which owns a 35% stake in Juul, said in January it would be expanding and diversifying its board.
The Wall Street Journal:
Juul Co-Founder James Monsees Steps Down From Board, Company Says
A co-founder of controversial e-cigarette maker Juul Labs Inc. is stepping down from its board, the company said Thursday. James Monsees launched the startup, then known as Ploom Inc., in 2007 with Adam Bowen. It catapulted to the top of the e-cigarette market but was blamed for a surge in teen vaping. It has been buffeted by regulatory crackdowns, lawsuits and investigations into whether its marketing targeted underage users. (Maloney, 3/12)
Bloomberg:
Juul Co-Founder Monsees Steps Down As Adviser, Board Member
Monsees was a vocal proponent of products like Juul that promised to give cigarette smokers their nicotine fix with potentially less harm. He gave a TEDx Talk in 2013 about how new products could transform the tobacco industry. He testified before a House subcommittee last summer. “Building this company alongside all of you has been the single most rewarding experience of my career and perhaps my life,” Monsees said in an email to Juul employees, adding that he was recently married and is looking forward to spending more time with his family and pursuing other interests. (LaVito, 3/12)
Reuters:
Juul Co-Founder James Monsees Plans To Leave
The company, in which Altria Group Inc (MO.N) has a 35% stake, has come under intense media and regulatory scrutiny in recent times for its marketing practices and has also seen its valuation plummet. Altria valued its stake in Juul at $4.2 billion as of end-2019, down from $12.8 billion in December 2018, as a string of vaping-related deaths coupled with increased bans following a surge in teenage vaping cloud the prospects of e-cigarette makers. (3/12)
