Coffee Service
Primo Water Corp shareholder nominates 4 outside directors
March 6, 2023
A shareholder of Primo Water Corp., a provider of water direct to consumers and water filtration services in North America and Europe and a provider of water dispensers, purified and spring bottled water, and self-service refill drinking water in the U.S. and Canada, will nominate four independent candidates to the company's board of directors, according to a shareholders letter.
Legion Partners Asset Management LLC, which describes itself as an activist investment manager based in Los Angeles focused on U.S. small-cap companies, holds approximately 1.5% of the company's outstanding shares, according to the letter.
The letter, signed by Chris Kiper and Ted White of Legion Partners Asset Management, said the shareholder has attempted to engage with the Primo management team on multiple occasions around accelerating growth and improving profitability but has seen little action.
In order for Primo to achieve its full potential, Legion Partners has nominated the following four independent candidates to the board at the 2023 annual meeting:
- Henrik Jelert, former president and CEO of ReadyRefresh USA, Blue Triton Brands and previously executive vice president at ReadyRefresh, Nestlé Waters North America.
- Lori Tauber Marcus, founder of Courtyard Connections LLC, an advisory firm focused on marketing and leadership in consumer goods, retail, foodservices and consumer technology, and previously a senior marketing executive at beverage companies including PepsiCo Inc. and Keurig Green Mountain Inc.
- Derek R. Lewis, former president of PepsiCo Multicultural Organization, PepsiCo Beverages North America.
- Timothy Hasara, founder, managing partner and chief investment officer for Sinnet Capital.
