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Charlotte’s Web Names Former Coca-Cola Executive Eugenio Mendez as Chief Growth Officer and Announces Leadership Evolution Plans

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Charlotte’s Web Holdings, Inc. (CNW Group/Charlotte’s Web Holdings, Inc.)

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Expanding Global Consumer Packaged Goods Retail Brand Following National Legalization of Hemp

BOULDER, CO, Jan. 3, 2019 /CNW/ – (CSE : CWEB; OTCQX : CWBHF) Charlotte’s Web Holdings, Inc. (“Charlottes Web” or the “Company“), the market leader in whole-plant hemp extract products with naturally occurring cannabidiol (“CBD”), announces that Eugenio Mendez has joined the Company in the newly formed role of Chief Growth Officer effective January 15, 2019. Mr. Mendez comes to Charlotte’s Web from the Coca-Cola Company based in Atlanta, GA, where he served as Vice-President, Global Marketing of Water, Enhanced Water and Sport Drinks – one of Coca-Cola’s fastest growing categories. Mr. Mendez led global strategy and marketing for the division which has annual sales of USD$12 billion. Mr. Mendez has also served in an advisory role to Charlotte’s Web for nearly two years. As the Company’s Chief Growth Officer, he will lead the Company’s business development, marketing and sales functions.

 

“We’re very excited to have Eugenio formally join our Company. Over the past sixteen months, I’ve had the opportunity to work closely with Eugenio and have been deeply impressed with his global vision and experience within the consumer-packaged goods (“CPG”) industry,” said Hess Moallem, President and CEO of Charlotte’s Web. “Eugenio’s appointment illustrates the high caliber executive talent we are attracting to support the Company’s next phase of growth. 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.”

Charlotte’s Web Chairman and co-founder Joel Stanley stated, “We enthusiastically welcome Eugenio to the executive suite. He is a natural fit for Charlotte’s Web as we continue to evolve and plan for global expansion.  As the industry’s leading brand, we will benefit greatly from his marketing experience and leadership.”

The new 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 CPG retail brand. A CEO transition is planned in 2019 to support the Company’s continued evolution from a pioneering local market participant to the national category leader it is today.  With significantly increased access to top-tier executive talent following the recent passing of the 2018 Farm Bill and removal of hemp from the Controlled Substances Act (“CSA”), further executive leadership expansion is underway in corporate development, M&A, operations, technology and other areas.

Mr. Moallem explained: “During 2019, our evolution will include bringing on a CPG focused CEO to position the Company to dominate the future landscape of the industry. 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. Given where we’ve positioned the Company within the category, there could not be a more opportune time to find the highest level of talent possible to lead this organization into the future.”

Mr. Moallem joined Charlotte’s Web in 2017 to position and scale the Company to be able to meet the anticipated market demand and lead the Company through a comprehensive longform IPO process while putting in place compliance programs for CSA and FDA regulations. Mr. Moallem continues as the Company’s CEO until his successor has been appointed, a search process he and the Board of Directors will begin immediately. Following a CEO transition, Mr. Moallem will stay on with the Company in an advisory role. Mr. Moallem is relinquishing his board position to further support the pending transition.

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