- Push-out Score determined
- After less than one year in the position
- Praise, thanks and good wishes for Efremov
- Graham Purdy taking over
- Efremov kept it short and said 54 words
(exechange) — Louisville, Kentucky, October 17, 2022 — Yavor Efremov, chief executive of Turning Point, leaves. As announced by Turning Point Brands Inc. in a news release and in a regulatory filing published on Monday, October 17, 2022, Yavor Efremov has left his post as chief executive officer at the maker of Zig-Zag cigarette papers, after less than one year in the role, effective October 15, 2022.
Yavor Efremov’s duties as CEO will be taken over by Graham A. Purdy, most recently Chief Operating Officer at Turning Point Brands Inc.
“Focus on growing and maximizing the value of the Company’s portfolio of iconic and emerging brands”
Turning Point did not give an explicit reason for Yavor Efremov’s departure from the CEO post. Turning Point said: “Mr. Purdy will lead TPB’s strategy, execution, and operations, with a particular focus on growing and maximizing the value of the Company’s portfolio of iconic and emerging brands.”
Precise information regarding Yavor Efremov’s future plans was not immediately available.
“Resignation”
Turning Point said: “Turning Point Brands, Inc. (“TPB” or “the Company”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative smoking accessories and consumables, announced today the appointment of long-tenured company executive Graham Purdy as CEO and Board Director, effective as of October 16, 2022, following Yavor Efremov’s resignation as CEO and Director. Additionally, David Glazek will transition from Non-Executive to Executive Board Chairman, effective January 2023.”
Turning Point further said: “Yavor Efremov has resigned as Chief Executive Officer and President and from the Board of Directors (the “Board”), effective as of October 15, 2022.”
“No disagreements”
“There were no disagreements between Mr. Efremov and the Company,” Turning Point said.
Share price decline since January 2022
The announcement follows a decline in Turning Point Brands Inc.’s share price of 43% since January 2022. January 2022 is the month in which Efremov’s tenure as CEO began.
In the position of CEO since 2022
Yavor Efremov became CEO of the Company in 2022.
Yavor Efremov has served as the Company’s President and CEO since January 2022 and as a director of the Company since July 2021.
He currently serves on the board of MDH Acquisition Corp.
From April 2019 to November 2019, Efremov was the CEO of Motorsport Network, a global company with 630 employees, and was responsible for restructuring the company, hiring a management team, developing a vision for the company and executing on that vision.
Prior to Motorsport Network, he spent 5 years at Liberty Media as SVP, Corporate Development. Prior to that, Efremov spent 8 years in the Technology, Media and Telecom group of Goldman, Sachs & Co. in New York and, prior to that, he was an M&A lawyer with Cleary, Gottlieb, Steen & Hamilton for 5 years, also in New York.
Efremov holds a J.D. from the Yale Law School, a Ph.D. in Economics from Yale, B.S. (Mathematics) and B.A. (Economics) from Furman University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Yavor Efremov’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 43.2022 ($).