TAMPA, FL , Aug. 30,
2022 /PRNewswire/ - Primo Water Corporation (NYSE:
PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading
provider of sustainable drinking water solutions in North America and Europe, today announced the planned retirement
of Jay Wells, Chief Financial
Officer, effective April 1, 2023.
Mr. Wells will remain in his position until his
retirement date. The Company has initiated a comprehensive search
for a successor, which will include both internal and external
candidates.
Jerry Fowden, Primo's Chairman of
the Board, commented, "On behalf of the Board of Directors, I would
like to thank Jay for his dedication and contributions over the
past decade in helping to transform Primo from a private-label soft
drink company to a pure-play water company focused on healthy
hydration solutions. We appreciate his leadership and partnership
in executing our strategic vision and wish him all the best in
retirement."
"On behalf of the entire management team, I thank Jay for his
dedication and valuable contributions during his career at Primo,"
said Tom Harrington, Primo's Chief
Executive Officer. "Primo has a strong finance team, and Jay has
played a significant role in helping drive financial and
operational improvements to help us realize our purpose of
inspiring healthier lives with water your way. I am deeply
appreciative that Jay will remain with Primo to help facilitate a
smooth leadership transition and wish him all the best in his
retirement."
Mr. Wells commented, "It has been a privilege to work with
Primo's devoted and talented team over the past 10 years. Having
completed Primo's transformation to a pure-play water company, now
is the right time for me to retire. I am committed to ensuring a
smooth transition and look forward to following the continued
success of Primo."
Since his arrival in March 2012,
Mr. Wells has led the Company through many significant initiatives,
enabling Primo's transition to a pure-play water company and
strengthening the Company's finance, treasury and tax departments.
Mr. Wells joined Primo from Molson
Coors where he held various senior finance positions,
including Chief Financial Officer of Molson
Coors Canada, a subsidiary of Molson Coors Brewing Company,
and Global Vice President, Treasury, Tax, and Strategic Finance of
Molson Coors Brewing Company.
ABOUT PRIMO WATER
CORPORATION
Primo Water Corporation is a leading pure-play water solutions
provider in North America and
Europe and generates approximately
$2.1 billion in annual revenue. Primo
operates largely under a recurring razor/razorblade revenue model.
The razor in Primo's revenue model is its industry leading line-up
of sleek and innovative water dispensers, which are sold through
retailers and online at various price points. The dispensers help
increase household penetration which drives recurring purchases of
Primo's razorblade offering. Primo's razorblade offering is
comprised of Water Direct, Water Exchange, and Water Refill.
Through its Water Direct business, Primo delivers sustainable
hydration solutions across its 21-country footprint direct to the
customer's door, whether at home or to businesses. Through its
Water Exchange and Water Refill businesses, Primo offers pre-filled
and reusable containers at approximately 14,000 locations, water
dispenser sales at approximately 9,000 locations and water refill
units at approximately 24,000 locations, respectively. Primo also
offers water filtration units across its 21-country footprint.
Primo's water solutions expand consumer access to purified,
spring, and mineral water to promote a healthier, more sustainable
lifestyle while simultaneously reducing plastic waste and
pollution. Primo is committed to its water stewardship standards
and is proud to partner with the International Bottled Water
Association (IBWA) in North
America as well as with Watercoolers Europe (WE), which
ensure strict adherence to safety, quality, sanitation and
regulatory standards for the benefit of consumer protection.
Primo is headquartered in Tampa,
Florida (USA). For more information, visit
www.primowatercorp.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 conveying
management's expectations as to the future based on plans,
estimates and projections at the time Primo makes the statements.
Forward-looking statements involve inherent risks and uncertainties
and Primo cautions you that several important factors could cause
actual results to differ materially from those contained in any
such forward-looking statement. The forward-looking statements
contained in this press release include, but are not limited to,
statements related to the transition plan, and related
matters. The forward-looking statements are based on assumptions
regarding management's current plans and estimates. Management
believes these assumptions to be reasonable, but there is no
assurance that they will prove to be accurate.
Factors that could cause actual results to differ materially
from those described in this press release include, among others:
Primo's ability to manage its operations successfully; or Primo's
ability to recruit, retain and integrate new management. The
foregoing list of factors is not exhaustive. Readers are cautioned
not to place undue reliance on any forward-looking statements,
which speak only as of the date hereof. Readers are urged to
carefully review and consider the various disclosures, including
but not limited to risk factors contained in Primo's Annual Report
on Form 10-K and its quarterly reports on Form 10-Q, as well as
other filings with the securities commissions. Primo does not
undertake to update or revise any of these statements considering
new information or future events, except as expressly required by
applicable law.
Website: www.primowatercorp.com
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SOURCE Primo Water Corporation