Primo Water has announced thatBilly 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 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
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
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