CEO steps down

22nd Century Group is searching for its third chief executive in less than five months after Clifford Fleet announced Friday he was stepping down.

Fleet has been named as president and chief executive of the Colonial Williamsburg Foundation, effective Jan. 1. He will remain on 22nd Century’s board of directors and serve on an executive committee that will choose his successor.

22nd Century also announced the appointment of Michael Zercher as its president. Previously, Zercher was chief operating officer.

Fleet took over as chief executive Aug. 3. He served as Philip Morris USA’s chief executive and president from November 2013 to May 2017.

Henry Sicignano III resigned unexpectedly as chief executive on July 26 for what the company described as personal reasons. He had been the chief executive since March 2015 and president since January 2011.

22nd Century develops very low nicotine cigarettes and could play a prominent role in the Food and Drug Administration’s (FDA) quest to drastically cut nicotine levels in traditional cigarettes.

On July 19, the FDA said it had begun the process of reviewing two modified-risk tobacco product applications from 22nd Century.

Approval of the very-low-nicotine cigarettes could lead to a sharp increase in revenue for 22nd Century and a potential buyout by a global tobacco company.