Drawing from the ranks of the consumer goods sector, cannabidiol (CBD) specialist Charlotte's Web Holdings (CWBHF 3.51%) announced it has hired a new COO. He is David Panter, and his appointment was effective immediately.
Panter was most recently employed at Estee Lauder, where he managed the optimization of the cosmetics giant's supply chain throughout the world. He has also held positions at big companies as diverse as eyeglass maker Luxottica, Campbell Soup Company, and Tyco Healthcare/Covidien.
Charlotte's Web specifically mentioned the company's new production, distribution, and research and development facility in Louisville, Colorado as belonging to Panter's set of responsibilities. He will report directly to Deanie Elsner, the company's CEO.
In the press release announcing Panter's hiring, Charlotte's Web said that his "proven track record in global supply chain optimization and operational excellence across multiple industries makes him a valuable and timely addition to our top-tier management team... as we map out our global strategy for international expansion."
Charlotte's Web hasn't been a popular marijuana stock of late. Last week it reported its fiscal fourth-quarter 2019 results, which revealed a 9% quarter-over-quarter drop in revenue and a net loss approaching $19 million. On a brighter note, the company predicted its sales would grow at a double-digit percentage rate in 2020, even in the wake of the SARS-CoV-2 coronavirus outbreak.
Investors still seem skeptical about the company just now. On Monday, its shares fell by almost 8% while the broader stock market indexes generally rose at higher rates.