Charlotte's Web appoints Bill Morachnick as CEO; Tortoroli departs

Charlotte's Web Holdings, Inc.

William Morachnick named CEO and non-independent director effective Sept 13, 2023, replacing Jacques Tortoroli.
Morachnick base salary $450k, relocation up to $25k, and 4.5M RSUs vesting over 3 years plus 500k immediately vested RSUs.
Tortoroli's departure is not due to any disagreement with accounting practices; Board accelerated his unvested RSUs.
Board rejected resignation offers from directors John Held, Thomas Lardieri, Alicia Morga, and Jacques Tortoroli under Majority Voting Policy.
Morachnick previously led SFRTI, a Reynolds American unit, through its $5B sale to Japan Tobacco in 2016.

item 5.02 item 7.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

William Morachnick

Chief Executive Officer

CWBHF · Charlotte's Web Holdings, Inc.

Effective: 2023-09-13
Filed: September 13, 2023, 7:59 PM ET

On September 13, 2023, Charlotte’s Web Holdings, Inc. (the “Company”) announced the appointment of William Morachnick, age 59, as the Company’s Chief Executive Officer effective immediately.

Appointed

William Morachnick

Non-independent Director

CWBHF · Charlotte's Web Holdings, Inc.

Effective: 2023-09-13
Filed: September 13, 2023, 7:59 PM ET

Along with assuming the role of Chief Executive Officer, Mr. Morachnick will be appointed as a non-independent director for the Board of Directors of the Company.

Departed

Jacques Tortoroli

Chief Executive Officer

CWBHF · Charlotte's Web Holdings, Inc.

Effective: 2023-09-13
Successor: William Morachnick
Filed: September 13, 2023, 7:59 PM ET

Mr. Morachnick will replace the Company’s Chief Executive Officer, Jacques Tortoroli, who will depart the Company effective September 13, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

William Morachnick was appointed as Chief Executive Officer at Charlotte's Web Holdings, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On September 13, 2023, Charlotte’s Web Holdings, Inc. (the “Company”) announced the appointment of William Morachnick, age 59, as the Company’s Chief Executive Officer effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

William Morachnick was appointed as Non-independent Director at Charlotte's Web Holdings, Inc..

Action: appointed
Role: Non-independent Director

Exact text from the filing

Along with assuming the role of Chief Executive Officer, Mr. Morachnick will be appointed as a non-independent director for the Board of Directors of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jacques Tortoroli departed as Chief Executive Officer at Charlotte's Web Holdings, Inc..

Action: departed
Role: Chief Executive Officer

Exact text from the filing

Mr. Morachnick will replace the Company’s Chief Executive Officer, Jacques Tortoroli, who will depart the Company effective September 13, 2023.

View on SEC.gov

Charlotte's Web Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001279569-23-001174

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