22nd Century Group Inc. Fires Chief Legal Officer

Business by 2FIRSTS.ai

Dec.25.2023

22nd Century Group Inc. Fires Chief Legal Officer

22nd Century Group Inc. has fired its Chief Legal Officer, Peter Ferola, amid ongoing executive restructuring.

In recent days, according to a report from Journalnow, 22nd Century Group Inc. is undergoing a series of top-level restructuring, resulting in the dismissal of the Chief Legal Officer, Peter Ferola.

In a brief statement, the 22nd Century Group announced that Filora has been "immediately terminated". Filora was one of the three executives in the 22nd Century Group who were planned to receive a cash payment to stay with the company.

Filora's employment contract was amended on August 20th, stipulating an annual base salary of $422,000 and a retention bonus of $500,000. The retention bonus will be paid in installments, with the first two installments of $125,000 each to be disbursed on August 24th and October 31st, respectively. The final installment of $250,000 is scheduled to be paid on February 29th.

This company is headquartered in Buffalo, New York, but has significant production operations in Hokesville.

On November 30th, Century 22 Group issued a warning to investors and regulatory authorities, stating that the company may only have enough funds to sustain operations until January 31st. Additionally, the company announced the appointment of Lawrence Firestone as its sixth CEO, either on a full-time or interim basis, since July 2019. Firestone will also assume the position of Chairman of the Board.

References:

[1] 22nd Century Group fires chief legal officer

Also Read:

[1] 22nd Century Group to Sell GVB Biopharma to Nevada Consortium

[2] 22nd Century Group Inc's Stock Drops 12.26%, but Shows Recent Recovery

[3] 22nd Century Group Announces Exercise of Existing Warrants and Fundraising

[4] 22nd Century Group Appoints Lawrence Firestone as Chairman and CEO

#North America #United States #Regulation

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