Nov 6, 2019   SOURCE: BusinessWire

Legion Partners Comments on Primo Water Corporation CEO Announcement

Legion Partners Holdings, LLC (together with its affiliates, “Legion Partners”), who beneficially owns 3,567,946 shares of Primo Water Corporation (Nasdaq: PRMW) (“Primo” or the “Company”), representing approximately 9.1% of Primo’s outstanding common stock, today commented on the Company’s announcement that Matt Sheehan has been terminated as President and CEO and that Billy D. Prim has been appointed Interim President and CEO.

Legion Partners Co-Founder Ted White issued the following statement:

“We fully support Mr. Sheehan’s termination, as his performance was completely unacceptable. However, we are deeply concerned about Billy Prim’s appointment as interim CEO and his plans to remain on the Board as Chairman given that he is as much a part of the problem at Primo as Mr. Sheehan was.

This announcement also does not change our position that shareholders would benefit from further governance improvements and substantive refreshment of Primo’s Board, including the removal not only of Mr. Prim but also directors Richard Brenner, Malcolm McQuilkin and David Warnock.

Primo’s shareholders have suffered for far too long under the oversight of the current Board. Legion is still evaluating next steps to address the pressing issues at Primo.”

About Legion Partners

Legion Partners is a long-term-oriented activist fund focused on producing attractive risk-adjusted returns for clients. Legion Partners’ investment strategy is concentrated on North American small cap equities, utilizing deep fundamental research and long-term shareholder engagement to drive superior performance over time.