Primo Water names founder Billy Prim interim CEO

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 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.”

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.