- Push-out Score determined
- After almost 13 years in the position
- Accolades, praise and thanks for Wexler
- Yavor Efremov taking over
- Wexler said 95 words
(exechange) — Louisville, Kentucky, December 16, 2021 — Larry Wexler, chief executive of Turning Point, leaves. As announced by Turning Point Brands Inc. in a news release and in a regulatory filing published on Thursday, December 16, 2021, Lawrence S. (Larry) Wexler leaves his post as chief executive officer at the maker of branded products including alternative smoking accessories and consumables with active ingredients, after almost 13 years in the role, effective January 11, 2022.
Larry Wexler’s duties as CEO will be taken over by Yavor Efremov, most recently Chief Executive Officer at Motorsport Network.
It is a generational change as well. Yavor Efremov is about 20 years younger than Larry Wexler.
Already a director
Efremov is already a director of Turning Point. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Efremov understands the expectations and dynamics of the board and has knowledge of Turning Point’s organization, risk-management practices and strategy.
“He has the right skill-set”
Turning Point did not give an explicit reason for Larry Wexler’s departure from the CEO post. Turning Point said: “Yavor came highly recommended by some of the most successful operators and investors in the world. The Board is confident he has the right skill-set to help grow the Company to the size and scale necessary to maximize value in a world driven by constantly shifting consumer preferences.”
Precise information regarding Larry Wexler’s future plans was not immediately available.
“Retire”
Turning Point said: “Mr. Efremov succeeds the Company’s current CEO, Larry Wexler, who will retire in January following 18 highly successful years at TPB.”
Share price decline since January 2021
The announcement follows a decline in Turning Point Brands Inc.’s share price of 18% since January 2021.
In the position of CEO since 2009
Larry Wexler became CEO of the Company in 2009.
Wexler will remain on the Board of Directors and serve as a consultant to the Company following his retirement.
Wexler has served as the Company’s President and CEO since June 2009 and as President and Chief Operating Officer of North Atlantic Trading Company, Inc. (“NATC”), the Company’s primary operating subsidiary, since June 2006.
Before June 2006, Wexler had been the Chief Operating Officer of NATC since June 2005, and before that, the President and Chief Operating Officer of one of the Company’s other subsidiaries beginning December 2003.
Wexler was a consultant to a number of emerging marketing, communication and financial companies, advising them on financial, marketing and strategic matters, at times in an operating role from 1998 to 2003.
From 1977 to 1998, he was employed by Philip Morris, USA in various positions in the Sales, Marketing and Finance Departments.
As Group Director, Discount Brands, his group introduced the Basic and Alpine brands.
He served as Senior Vice President of Marketing from 1992 to 1993 and Senior Vice President Finance, Planning and Information Services from 1993 until his departure in 1998.
Wexler holds a Bachelor of Science in administrative science from Yale and a Master of Business Administration from Stanford.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Larry Wexler’s move on a scale of 0 to 10.
exechange reached out to Turning Point and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2021 ($).