Juul CEO exits amid ditched tobacco giant merger
Growing concern over the health impacts of vaping rocked the leading brand of e-cigarettes Wednesday as the CEO of Juul Labs has stepped down.
The company also announced it would suspend all broadcast, print and digital advertising in the U.S.
And the planned merger of Altria Group - which has a 35 percent stake in Juul - and fellow tobacco giant Philip Morris is off.
Philip Morris' CEO said in a statement that the company will instead focus on the launch of its tobacco heating product iQOS in the U.S.
The deal would have seen the companies reunite a decade after they split.
Kevin Burns, the outgoing CEO of Juul, will be replaced by Altria Group executive K.C. Crosthwaite.
