Larry Wexler, the leader of Turning Point Brands, will retire as CEO in January. Former Liberty Media executive Yavor Efremov has been named as the company’s new CEO. Wexler will remain on the Board of Directors and serve as a consultant to the company following his retirement.
Wexler who has been with the company for more than 18 years and serving as president and CEO since 2009, transformed the company into a industry leader by embracing next-generation tobacco products and a growing legal cannabis market. Wexler was instrumental in helping Turning Point Brands create a high-cash generating engine, with iconic brands and extensive distribution capabilities that reach millions of consumers across more than 210,000 retail outlets and e-commerce platforms.
“It has been my sincere privilege to serve Turning Point Brands and its stakeholders during this period of significant growth as we increased EBITDA fivefold over the past 18 years,” said Wexler in a press note. “I want to thank both the Board for the opportunity to serve our shareholders, and my colleagues for their dedication, hard work and, most importantly, their resiliency during my tenure. Turning Point Brands is well-positioned with highly recognizable brands and a strong management team. I look forward to working with Yavor and the next generation of leaders to build upon the success we have achieved.”
Prior to joining Turning Point Brands, Efremov served as the CEO of Motorsport Network, where he was responsible for upgrading the IT infrastructure, processes, and company strategy to support the integration of more than 30 businesses around the world. He also served as a senior executive at Liberty Media Corp., where he was instrumental in sourcing, financing, and growing Liberty’s investments in multibillion-dollar businesses, including Charter Communications and Formula 1. Prior to that, Efremov worked as an investment banker at Goldman Sachs & Co. and as a corporate lawyer at the law firm of Cleary, Gottlieb, Steen & Hamilton. Efremov holds a J.D. from Yale Law School and a Ph.D. in economics from Yale University. He also has a B.S. in mathematics and a B.A. in economics from Furman University.
“During my time as a board member, I have been impressed by the company’s prospects across all divisions,” said Efremov. “In my new role as CEO, I look forward to working alongside this dynamic team of industry leaders to tackle large, compelling opportunities in our existing business and adjacent categories as continued regulatory developments open new avenues for future growth. Our unique organizational infrastructure and strong financial position gives us the flexibility to pursue a variety of large organic and inorganic opportunities to increase shareholder value.”