Primo Water Corp. said that Billy Prim, the company’s founder, executive chairman, and former chairman and CEO, has recently been appointed interim president and CEO of the company. The move replaces Matt Sheehan as president and CEO.
“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,” said 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 Prim to the additional roles of interim president and CEO, while the search is ongoing. Prim founded Primo Water in 2004.
“I look forward to working with our talented team to deliver improved performance,” said 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.”