Juul boss exits in vaping crisis as Philip Morris, Altria axe merger talks

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The chief executive of e-cigarette maker Juul stepped down on Wednesday as merger talks between its biggest investor Altria and Philip Morris collapsed in the face of a regulatory backlash against vaping that could reshape the industry.

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(Reuters) – The chief executive of e-cigarette maker Juul stepped down on Wednesday as merger talks between its biggest investor Altria and Philip Morris collapsed in the face of a regulatory backlash against vaping that could reshape the industry.

FILE PHOTO: A woman tries Philip Morris’ IQOS 3 MULTI device after its launching event in Tokyo, Japan, October 23, 2018. REUTERS/Kim Kyung-Hoon/File Photo

Shares in Philip Morris were up 5.7%, while Altria was down 2.5% in afternoon trading.

Rivals British American Tobacco and Imperial Brands (IMB.L) rose 3.2% and 2.2% respectively on Wednesday’s announcements.

Reporting by Siddharth Cavale and Nivedita Balu in Bengaluru; Additional reporting by Chris Kirkham in Los Angeles; Editing by Saumyadeb Chakrabarty and Pravin Char


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Author:

The chief executive of e-cigarette maker Juul stepped down on Wednesday as merger talks between its biggest investor Altria and Philip Morris collapsed in the face of a regulatory backlash against vaping that could reshape the industry.

Source: {authorlink}

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