Turning Point Brands Appoints New CEO

Turning Point Brands (TPB) has appointed Yavor Efremov as president and CEO, effective Jan. 11,2022. Efremov succeeds the company’s current CEO, Larry Wexler, who will retire in January following 18 years at TPB. Wexler will remain on the board of directors and serve as a consultant to the company following his retirement.

Prior to joining TPB, Efremov served as the CEO of Motorsport Network, where he was responsible for upgrading the IT infrastructure, processes and company strategy to support the integration of more than 30 businesses around the world. He also served as a senior executive at Liberty Media Corp., where he was instrumental in sourcing, financing and growing Liberty’s investments in multibillion-dollar businesses, including Charter Communications and Formula 1.

“Yavor came highly recommended by some of the most successful operators and investors in the world,” said David Glazek, chairman of TPB in a statement. “The board is confident he has the right skill-set to help grow the company to the size and scale necessary to maximize value in a world driven by constantly shifting consumer preferences.”

“During my time as a board member, I have been impressed by the company’s prospects across all divisions,” said Efremov. “In my new role as CEO, I look forward to working alongside this dynamic team of industry leaders to tackle large, compelling opportunities in our existing business and adjacent categories as continued regulatory developments open new avenues for future growth.”

“It has been my sincere privilege to serve Turning Point Brands and its stakeholders during this period of significant growth as we increased EBITDA fivefold over the past 18 years,” said Wexler. “I want to thank both the board for the opportunity to serve our shareholders, and my colleagues for their dedication, hard work and, most importantly, their resiliency during my tenure.”