Charlotte's Web Holdings Inc. said it started a search process for a new CEO.
Until a successor is appointed, Hess Moallem, president and CEO of the company, will continue to perform his roles. Moallem is leaving the board to further support the transition, anticipated in 2019.
Following the CEO transition, Moallem will remain with Charlotte's Web — a Boulder, Colo.-based producer of hemp-based, cannabidiol wellness products — in an advisory role.
Moallem, who took the helm of the company in 2017, said: "During 2019, our evolution will include bringing on a consumer-packaged goods focused CEO to position the company to dominate the future landscape of the industry."
Additionally, Charlotte's Web appointed Eugenio Mendez to the newly created role of chief growth officer, with effect Jan. 15.
Mendez will join the company from Coca-Cola Co., where he was vice president for global marketing of water, enhanced water and sport drinks. Mendez's appointment is the first of several appointments to be made in 2019 to support Charlotte's Web's evolution to a consumer-packaged goods retail brand, the company said.
Mendez has served as an adviser to Charlotte's Web for nearly two years. In his new role, Mendez will lead the company's business development, marketing and sales functions.