Top-Tier Executive Team Leads Global Expansion
as a Consumer-Packaged Goods Brand
BOULDER, CO, July 16, 2019 /PRNewswire/ - Charlotte's Web Holdings, Inc. ("Charlotte's Web" or the "Company") (TSX:CWEB, OTCQX:CWBHF), the market leader in hemp CBD extract products, is pleased to announce that Tony True has joined the Company in the newly formed role of Chief Customer Officer. Mr. True comes to Charlotte's Web from Pharmavite LLC, one of the largest U.S. manufacturers of high-quality vitamins, minerals, and other dietary supplements, where he served as Executive Vice President, Sales. As Chief Customer Officer for Charlotte's Web, he will lead the Company's sales strategy and forecasting, customer development and relationships, and retail execution. Mr. True will report directly to Charlotte's Web CEO Deanie Elsner.
Mr. True brings nearly 30 years of sales leadership experience at top healthcare and consumer packaged goods (CPG) companies, including Kellogg Company, Pepsi Beverages Company, and McNeil Consumer Healthcare. Most recently, at Pharmavite, he led the sales organization, including strategic insights, customer relationships, sales planning and forecasting, retail execution, customer development, and organizational planning. Under his leadership, annual sales of Nature Made vitamins reached USD$1.2 billion. At Kellogg's, Mr. True managed the Direct Store Delivery team and the Snacks Business Unit for the Western Region of the United States. At Pepsi, he was responsible for all Pepsi-Cola North American beverages for the grocery and mass channels, representing about $5 billion in retail sales. At McNeil, a Johnson & Johnson company, he was responsible for the entire analgesics brand portfolio, including Tylenol, Motrin, and Children's, for Wal-Mart, the Company's largest domestic customer.
"Tony's three decades of sales leadership at both consumer product goods and healthcare companies is a valuable combination to support the Company's next phase of growth," said Deanie Elsner, CEO of Charlotte's Web. "His appointment is a timely addition to our evolving leadership team, as we continue to bring in top-tier talent to further extend Charlotte's Web's leadership position in the market."
Charlotte's Web Chairman and co-founder Joel Stanley stated, "We're very excited to have Tony join our Company. He is a natural fit for Charlotte's Web as we continue to evolve and plan for global expansion. As the industry's leading brand, we will benefit greatly from his sales leadership experience at world-class CPG and healthcare brands."
Mr. True's addition is one of several leadership appointments have been made this year to support Charlotte's Web's growth and evolution as a global CPG retail brand. Ms. Elsner, who took over as CEO of the Company in April, previously served as President of Kellogg's U.S. Snacks division. In addition, Charlotte's Web announced earlier this year the addition of Stephen Lermer as Chief Operating Officer and Eugenio Mendez as Chief Growth Officer.
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About Charlotte's Web Holdings, Inc.
Charlotte's Web Holdings, Inc. is the market leader in the production and distribution of innovative hemp-derived cannabidiol ("CBD") wellness products. Founded by the Stanley Brothers, the Company's premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Charlotte's Web product categories include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products. Charlotte's Web hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online through the Company's website at www.CharlottesWeb.com. The rate the Company pays for agricultural products reflects a fair and sustainable rate driving higher quality yield, encouraging good farming practices, and supporting U.S. farming communities.
Charlotte's Web is a socially conscious company and is committed to using business as a force for good and a catalyst for innovation. The Company weighs sound business decisions with consideration for how its efforts affect its employees, customers, the environment, and the communities where its employees live and where it does business, while maximizing profits and strengthening its brands. The Company's management believes that socially oriented actions have a positive impact on the Company, its employees and its shareholders. Charlotte's Web donates a portion of its pre-tax earnings to charitable organizations.
Shares of Charlotte's Web trade on the Toronto Stock Exchange (TSX) under the symbol "CWEB" and are quoted in U.S. Dollars in the United States on the OTCQX under the symbol "CWBHF". As at June 17, 2019 Charlotte's Web had 43,156,479 Common Shares outstanding and 135,506.32 Proportionate Voting Shares convertible at 400:1, for an effective equivalent of 97,359,007 Common Shares outstanding.
Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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