Charlotte’s Web names new executive, plans for new CEO

BOULDER — Charlotte’s Web Holdings Inc. (OTCQX: CWBHF), which manufactures whole-plant hemp extract products with naturally occurring cannabidiol, has named a Coca-Cola Co. executive to its management team, and plans to name a new CEO later in 2019.

Eugenio Mendez will take the newly formed role of chief growth officer as of Jan. 15. He previously served as vice president, global marketing of water, enhanced water and sport drinks for Atlanta-based Coca-Cola.

Mendez has served in an advisory role to Charlotte’s Web for almost two years. As the company’s chief growth officer, he will lead Charlotte’s Web’s business development, marketing and sales functions.

“Eugenio’s appointment illustrates the high caliber executive talent we are attracting to support the company’s next phase of growth,” Hess Moallem, president and CEO of Charlotte’s Web, said in a written statement. “With the opportunities that exist with national retail partners and anticipated international market expansion, adding top-tier executives with multi-national corporate experience is both timely and opportunistic.”

The leadership addition is the first of several appointments that will be made in 2019 to support Charlotte’s Web’s growth and evolution to a global retail brand, the company said. Charlotte’s Web intends to name a new CEO, along with expansion of executive leadership in corporate development, mergers and acquisitions, operations, technology and other areas.

The expansion is being credited to passage of the 2018 Farm Bill, which removed hemp from the Controlled Substances Act.

“During 2019, our evolution will include bringing on a CPG focused CEO to position the Company to dominate the future landscape of the industry,” Moallem said. “Our goal to scale the organization and prepare a platform upon which our iconic brand can be even further extended has been achieved faster than anticipated. I am proud of the rapid progress we made to prepare for this moment, including the completion of a full corporate reorganization, rebranding, scaling the business and production systems, new and pending product launches and closing a very successful initial public offering.”

Moallem will continue as the company’s CEO until a successor is appointed. The company said a search process for a new CEO will begin immediately. Moallem will remain with the company in an advisory role but is relinquishing his board position.