E-cigarette maker Juul Labs Inc stated, its co-founder James Monsees plans on stepping down from the company as an adviser and member of its board.
In an internal memo, Monsees, who had previously been the company’s chief product officer, said he was looking forward to spending more time with his family and pursuing other interests.
Incidentally the Altria Group Inc has a 35% stake in Juul Labs.
In recent times, the e-cigarette maker has come under intense media and regulatory scrutiny over its marketing practices. It has also seen its valuation plummet.
At the end of 2019, Altria had valued its stake in Juul at $4.2 billion, down from $12.8 billion from a year ago.
A string of vaping-related deaths along with regulatory bans on vaping following a surge in teenage usage of the product has clouded the prospects of e-cigarette makers.