Pax Labs’ Bharat Vasan is out as CEO
Bharat Vasan is no longer the Chief Executive Officer at Pax Labs, the consumer tech company that makes cannabis vaporizers. A source familiar with the situation said that the board of directors made the decision to remove Vasan from the CEO role. His last day was Friday.
We’ve reached out to Vasan for comment. Pax is declining to elaborate on what drove its decision.
Certainly, it’s a surprising move, given that Vasan was appointed the CEO of Pax not so long ago — in February of 2018. Before that, he served as President and COO of August Home, which was acquired by Swedish lock maker Assa Abloy in 2017. Previous to that, Vasan was the cofounder of Basis, a fitness-based wearable company that was acquired by Intel in 2014 for $100 million.
Vasan also led the company in its most recent round this past April, in which it secured $420 million from Tiger Global Management, Tao Capital, and Prescott General Partners, among others. The post-money valuation for the company at the time was $1.7 billion.
Vasan is a veteran of consumer electronics, but Pax may be looking for a CEO that has more operational experience in cannabis.
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