Juul Labs Inc will cut nearly $1 billion in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown. K.C. Crosthwaite, a former executive at major shareholder Altria, is tasked with fixing the company’s battered public image and shrinking valuation as the regulatory moves on vaping threaten to upend the fast-growing industry. The official also said Juul would cut around 650 jobs, or 16% of its 4,051 strong workforce, starting Tuesday. …read more
Source:: Yahoo Finance
