Juul to eliminate 650 jobs, cut $1 billion in costs
NEW YORK, NY (CNN Business) — Juul on Tuesday announced an update to its major restructuring effort that includes layoffs and deep cost cutting.
It’s the latest development in a series of shakeups since September as Juul attempts to revamp its strategy in the face of heightened scrutiny of vaping.
Much of the $1 billion in cuts Juul hopes to make will hit the company’s marketing department. Juul has agreed to pause its marketing effort as regulators claim the company was trying to push its products on teens.
Juul said it would cut 650 jobs and phase out the position of chief marketing officer.
In October, it said it would cut about 500 jobs. The 650 job cuts represent about 16% of Juul’s global workforce.
At its peak earlier this year, Juul was hiring an average of 300 people per month. Juul said the layoffs are part of its effort to “right-size the business.” The slimmed down strategy is part of Juul’s broader efforts to regain public trust.
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