Primo Water Announces CEO Transition
05 Noviembre 2019 - 3:02PM
Primo Water Corporation (Nasdaq: PRMW) (“Primo Water”) today
announced that Billy D. Prim, the Company’s Founder, Executive
Chairman, and former Chairman & CEO, has been appointed Interim
President and CEO, effective immediately. Matt Sheehan was
terminated as President and CEO and has resigned as a member of the
Primo Water Board of Directors (the “Board”).
“The Board of Directors is committed to
enhancing stockholder value. When execution fell short of our
expectations, we concluded it was time for a leadership change,”
commented Susan Cates, Primo Water’s Lead Independent Director. “We
remain confident in Primo Water’s ability to generate sustainable
and profitable growth.”
As part of its CEO succession planning, the
Board retained a leading global executive search firm several
months ago to assist the Board in identifying a CEO with the
capabilities and experience aligned with the Company's strategic
priorities. The Board has appointed Mr. Prim to the additional
roles of Interim President and CEO, while the search is ongoing.
Mr. Prim founded Primo Water in 2004 and previously served as the
Company’s Chairman and CEO. He brings to this interim role a deep
understanding and appreciation of Primo Water’s business and
extensive knowledge of the industry.
Ms. Cates continued, “On behalf of the Board, I
want to thank Billy for returning in this interim role to guide the
Company's efforts in revitalizing performance and maximizing
long-term shareholder value.”
“I look forward to working with our talented
team to deliver improved performance,” said Mr. Prim. “Our focus
will be on continuing to grow our Exchange and Dispenser
businesses, improving our Refill business and driving operational
execution and organizational development while positioning Primo
Water to achieve long-term profitable growth and improved value for
shareholders.”
Conference Call and Webcast
In a separate press release issued today, the
Company reported its third quarter financial results. The Company
will host a conference call with Susan Cates, Lead Independent
Director, Billy Prim, Executive Chairman, Interim President and
CEO, and David Mills, Chief Financial Officer, to discuss its
leadership transition and financial results at 4:30 p.m. ET today.
The call will be broadcast live over the Internet hosted at the
Investor Relations section of Primo Water's website at
www.primowater.com and will be archived online through November 19,
2019. In addition, listeners may dial (866) 712-2329 in North
America, and international listeners may dial (253) 237-1244.
About Billy D. Prim
Billy D. Prim founded Primo in 2004 and has served on the
Board of Directors since inception and as Executive Chairman since
June 2017. Previously, Mr. Prim was the Company’s Chairman and
Chief Executive Officer. Prior to founding Primo, Mr. Prim founded
Blue Rhino Corporation, a provider of propane cylinder exchange and
complementary propane and non-propane products, in March 1994 and
served as its Chief Executive Officer and Chairman of the Board.
Mr. Prim led Blue Rhino’s initial public offering in May 1998 and
remained its Chief Executive Officer until April 2004, when Blue
Rhino was acquired by Ferrellgas Partners, L.P. (“Ferrellgas”), at
which time he was elected to the board of directors of Ferrellgas
on which he served until November 2008. Mr. Prim previously served
on the board of directors of Southern Community Bank and Trust from
1996 through 2005, its previous parent company, Southern Community
Financial Corporation, and Towne Park Ltd. Mr. Prim also serves on
the Wake Forest School of Business Board of Visitors and the Wake
Forest Institute for Regenerative Medicine Advisory Board.
About Primo Water Corporation
Primo Water Corporation (Nasdaq: PRMW) is an
environmentally and ethically responsible company with a purpose of
inspiring healthier lives through better water. Primo is North
America's leading single source provider of water dispensers,
multi-gallon purified bottled water, and self-service refill
drinking water. Primo’s Dispensers, Exchange and Refill
products are available in over 45,000 retail locations and online
throughout the United States and Canada. For more information and
to learn more about Primo Water, please visit our website at
www.primowater.com.
Forward-Looking Statements
Certain statements contained herein are not
based on historical fact and are "forward-looking statements"
within the meaning of the applicable securities laws and
regulations. These statements include those related to our ability
to generate sustainable and profitable growth; Mr. Prim’s ability
to guide the Company's efforts in revitalizing performance and
maximizing long-term shareholder value and deliver improved
performance; our focus on continuing to grow our Exchange and
Dispenser businesses, improving our Refill business and driving
operational execution and organizational development while
positioning Primo Water to achieve long-term profitable growth and
improved value for shareholders. These statements can otherwise be
identified by the use of words such as "anticipate," "believe,"
"could," "estimate," "expect," "feel," "forecast," "intend," "may,"
"plan," "potential," “predict,” "project," “seek,” "should,"
"would,” “will,” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Owing to the
uncertainties inherent in forward-looking statements, actual
results could differ materially from those stated herein. Factors
that could cause actual results to differ materially from those in
the forward-looking statements include the risks described more
fully in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K filed on March
6, 2019 and its subsequent filings under the Securities Exchange
Act of 1934. Forward-looking statements reflect our analysis as of
the date of this press release. The Company does not undertake to
revise these statements to reflect subsequent developments, other
than as required by applicable securities laws.
Contact:Primo Water CorporationDavid Mills,
Chief Financial Officer(336) 331-4000
ICR Inc.Katie Turner(646) 277-1228
Primo Water (NASDAQ:PRMW)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Primo Water (NASDAQ:PRMW)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024