Charlotte’s Web Holdings appointed William (Bill) Morachnick as CEO. Morachnick has also been appointed to the company’s board of directors as a nonindependent director. He replaces CEO Jacques Tortoroli, who has elected to resign from his roles at Charlotte’s Web.
Morachnick has a record of building premium, differentiated products and brands across multiple channels throughout the world and across a broad range of product categories.
Prior to joining Charlotte’s Web, Morachnick was president at Santa Fe Reynolds Tobacco International Zurich (SFRTI) from 2006 to 2016. He took SFRTI from a startup to a highly profitable organization, managing several hundred employees and a network of importers/distributors operating in Europe, Asia and the Middle East. SFRTI was acquired by Japan Tobacco Group in 2016 for $5 billion. Morachnick led the subsequent integration of the combined companies as CEO and chairman based in Tokyo, Japan, for two years before returning to the U.S. in 2018.
Since returning to the U.S., he has served as an executive advisor or board member for several companies seeking to launch and/or expand their businesses in the U.S. and overseas markets.
“Bill has an accomplished career building businesses in multiple categories,” said John Held, chairman of Charlotte’s Web. “With his proven operational expertise, Bill is well suited to take the reins to lead the Charlotte’s Web team through the next phase of the company’s growth opportunities.”
The company expressed its gratitude to Tortoroli for his contributions. “Jacques served on the company’s board since November of 2019 and as CEO since late 2021 in a difficult environment devoid of regulatory oversight and clarity,” said Held. “Under his leadership as CEO, Jacques streamlined the organization, reduced the cash burn and recapitalized the company through a strategic $57 million investment from BAT via a convertible loan.”
In November 2022, BAT announced a £48.2 million ($57.4 million) investment in Charlotte’s Web.