secwatch.observer — SEC 8-K summary
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Issuer:     Charlotte's Web Holdings, Inc. (CWBHF)
CIK:        0001750155
Form:       8-K
Filed at:   2023-09-13T23:59:59+00:00
Accession:  0001279569-23-001174
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1750155/000127956923001174/0001279569-23-001174-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1750155/000127956923001174/form8k.htm
  HTML page:      https://secwatch.observer/filing/0001279569-23-001174

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