Turning Point Brands has appointed Chief Business Development Officer Louie Reformina, as the company’s new chief financial officer, effective May 1, 2021. Reformina is replacing Bobby Lavan, who will step down after first quarter earnings to pursue a new opportunity. In addition, Brian Wigginton, Turning Point Brands’ chief accounting officer, has been promoted from vice president to senior vice president.
“I would like to thank Bobby for his unceasing commitment to the company,” said Larry Wexler, Turning Point Brands’ president and CEO, in a statement. “Bobby played a major role in improving Turning Point Brands’ capital structure, streamlining the business, making accretive acquisitions and investments and positioning the Company for the growth that we are experiencing today.
“I look forward to tracking his future progress. Additionally, Louie has played an important leadership role in the company by pivoting our focus to higher growth opportunities in cannabis-related and other branded consumer product industries. I am excited to see him expand his responsibilities as we accelerate our growth trajectory.”
“Turning Point Brands is one of the most innovative and well-capitalized companies in the high-growth cannabis-related accessories market,” said Reformina. “Our iconic brands and market-leading distribution platform set us apart in this rapidly evolving space. In addition, our New York Stock Exchange listing helps to provide deep access to the capital markets, which allows us to opportunistically take advantage of acquisition opportunities that are beyond the reach of many competitors.
I look forward to continuing to work with the team to reinvest our substantial free cash flow in high-growth branded consumer products, expand our distribution infrastructure and strengthen our capital position.
“As CFO, I look forward to continuing to work with the team to reinvest our substantial free cash flow in high-growth branded consumer products, expand our distribution infrastructure and strengthen our capital position.”
“I would like to thank Larry and the management team at Turning Point Brands for the opportunity to work with them on the Company’s continued evolution,” said. Lavan. “I have been working closely with Louie since he first joined the Company and am confident that his elevation to CFO will help to ensure a seamless transition, while continuing the Company’s focus on growth.”
Reformina joined Turning Point Brands in 2019 and has more than 20 years of financial experience. He previously served in investment roles at Point72 Asset Management, Waterfront Capital Partners, Perella Weinberg Partners and Vestar Capital Partners. He began his career as an investment banker at Goldman Sachs & Co. and received his MBA from the Stanford University Graduate School of Business, as well as his B.S. in electrical engineering from Cornell University, where he graduated summa cum laude.
Turning Point Brands estimates that net sales for the first quarter of 2021 will be at the high end or above the previous guidance of $97 million to $102 million provided during the presentation of its full-year and fourth-quarter 2020 results on Feb. 10, 2021.