Deals
Vaping Uproar Scuttles Tobacco Deal as Juul CEO Leaves
- Altria, Philip Morris end deal talks amid unease on regulation
- Juul changes chiefs, bringing on seasoned Altria executive
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Altria Group Inc. moved to put its investment in embattled e-cigarette maker Juul Labs Inc. on firmer ground after a global vaping backlash threatened the startup’s survival and helped scuttle a potential reunion with Philip Morris International Inc.
One of Altria’s senior executives is taking the top job at Juul, which said it would halt its marketing and some lobbying efforts following criticism from lawmakers, anti-smoking advocates and parents concerned about a surge in underage vaping. The news of high-level changes at Juul came as Altria and Philip Morris ended their negotiations on a potential merger without reaching a deal.