Juul Elevates Strategy Executive to CFO in Management Shuffle

The e-cigarette maker said Vittal Kadapakkam will oversee its finances in addition to his current role as chief strategy officer, effective May 1.

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Jun 7, 2023 • 2 min read

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Juul Labs Inc. has promoted a senior executive from its strategy department to the position of finance chief. The e-cigarette manufacturer is still seeking regulatory approval for their products to be sold on the U.S. marketplace.

Vittal Kadapakkam, the chief strategy officer of the privately-held company, announced on Friday that he will also oversee its finances. This is effective from May 1. Mr. Kadapakkam joined Juul in 2017 and has guided the company through its struggles over the last few years. This includes navigating the company to the brink bankruptcy, as well as resolving a dispute between federal regulators about whether the products could be sold in the U.S.

Juul stated that Vittal was a key driver in the strategic review of the company and its capital raising engagements for the last several years.

The announcement came in conjunction with the departure of Chief Financial Officer Elaine Paik, and Chief Operating officer David Dickey to pursue new interests and opportunities. Rudy Lawrence is Mr. Dickey’s successor. He's also an insider of the company. Lawrence is now Juul's Senior Vice President of Global Supply-Chain and Corporate Services. Lawrence will continue to be the leader of the corporate and supply-chain services team in his new role.

The company announced that Ms. Paik and Mr. Dickey, who have served as CFOs since 2020, will remain on for the next few months to help with the transition. Ms. Paik has experience in public companies, having worked as a finance executive for a publicly traded consumer goods giant.

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Juul stated that David and Elaine were instrumental in stabilizing our business at some of its most difficult moments.

In mid-April, the Washington D.C. based company settled a major lawsuit filed by six state and the District of Columbia for $462 million. This settlement and another one reached this month in Minnesota brought an end to the litigation.

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Matthew Smith, equity analyst for financial services company, Financial-Services, explained that these settlements, along with others in the past year, allowed Juul remove much of its uncertainty and overhang.

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He said that the FDA approval of products is always the top priority for any company, no matter who is in charge of finance.

Juul has also recently parted with the tobacco giant.

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In March, which divested itself from the company, and in doing so recorded a loss in excess of $12.5 billion. Altria’s divestment allowed Juul to have more flexibility in selling itself or making investments with other companies.

Before joining Juul, Mr. Kadapakkam was an analyst with equity funds Dayah Capital LP and Corvex Management LP.

This article was written by Jennifer Maloney.

Mark Maurer can be reached at EMAIL