Turning Point Brands Inc. TPB, -0.85% on Monday named long-tenured company executive Graham Purdy as chief executive officer following Yavor Efremov’s resignation as CEO and director. David Glazek will transition from non-executive to executive board chairman in January. Purdy has been chief operating officer of the company, which makes Zig-Zag cigarette papers and other related products. Turning Point Brands said it expects third-quarter sales of $106 million to $108 million, ahead of the Wall Street estimate of $102.6 million, according to FactSet data. Turning Point Brands also expects to report third-quarter net income of $10.5 million to $12 million, against the analyst forecast of $11.9 million. Shares of Turning Point Brands fell 1% in premarket trades.
