Primo Water fires CEO, appoints Billy Prim as interim chief executive

US-based water dispenser business Primo Water Corporation has removed Matt Sheehan as the company’s president and CEO, with company founder Billy Prim taking over as interim CEO.

Sheehan had served as the company’s CEO since May 2017, and the company states that he was removed from his position as he failed to meet performance expectations. Ted White, co-founder and managing director of Primo investor Legion Partners Asset Management stated that Sheehan’s performance “was completely unacceptable.”

According to a statement released by Primo, Sheehan has also resigned as a member of Primo’s board of directors.

Prim – who founded the company in 2004 – will now assume the position of interim CEO and president while the company searches for a permanent successor.

Susan Cates, Primo Water’s lead independent director said: “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.

“On behalf of the Board, I want to thank Billy for returning in this interim role to guide the Company’s efforts in revitalising performance and maximizing long-term shareholder value.”

Prim added: “I look forward to working with our talented team to deliver improved performance.

“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.”